what is life insurance ?

What is life Insurance ?

Life insurance coverage is an agreement between life insurance coverage company (the insurer) and policy's owner

(insured person) under the terms of a life insurance contract.Anything is in consideration

of certain payments (known as the premium) to be designed to the insurer either in a lump sum or in

any other periodical payments.The insurer promises to pay a certain sum to some designated beneficiary

when insured person die, in return for your premium payments,this is actually the basic principle behind

all life insurance contracts.

Life insurance may be the financial resource of the individual’s family during the happiest moments

of his or her life but during unhappy moments too.

In human life death is Uncertainty,so having family means dependants, which means financial

commitments.What would happen if you were to lose your life suddenly or become disabled and

cannot earn.In this situation Life insurance gives some type of protection against the financial

loss and provides guarantees that your dependants will be able to continue living without financial

hazards even just in case of your demise.

What is life Insurance ?

There are several kinds of policies which may be available,some major types are

1 Term Life Insurance:

Term life insurance provides protection for any specified number of years. A death benefit is

paid to the beneficiary if the insured dies inside the time while the policy is within force.

2 Permanent life insurance or Whole life insurance :

Permanent life insurance designed to provide protection for a lifetime.Permanent life

insurance policies are generally designed to possess a level premium.

3 Universal Life insurance coverage:

Universal life insurance policies vary from whole life insurance policies in that they

offer some flexibility to alter the premium payments and death benefit. Despite the fact that premium

payments are flexible, a minimum premium is required to keep the life insurance protection

in effect.

What is life Insurance ?

Published August 19th, 2011

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