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Thursday, March 30, 2017

Insurance for your future security















Life insurance is an assurance contract between the policy holder and the insurer, the insurer agrees to pay a sum of money upon the occurrence of the insured individual's or individuals' death or other event, such as terminal illness or critical illness. In return, the policy holder agrees to pay a stipulated amount at regular intervals or in lump sums. In US, the predominant form simply specifies a lump sum to be paid on the insured's demise.Most of the insurance policies, life insurance is a contract between the insurer and the policy owner whereby a benefit is paid to the designated beneficiaries if an insured event occurs which is covered by the policy. To be a life policy the insured event must be based upon the lives of the people named in the policy.Events that may be covered include:Serious illness : Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; for example claims relating to suicide, fraud, war, riot and civil commotion.Life-based contracts tend to fall into two major categories: Protection policies - designed to provide a benefit in the event of specified event, typically a lump sum payment. A common form of this design is term insurance.Investment policies - where the main objective is to facilitate the growth of capital by regular or single premiums. Common forms (in the US anyway) are whole life, universal life and variable life policies.