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Life Insurance Basics
Life Insurance is a contract between the policy owner and the insurer, where the insurer agrees to pay a designated beneficiary 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 owner agrees to pay a stipulated amount (at regular intervals or in lump sums). There may be designs in some countries where bills and death expenses plus catering for after funeral expenses should be included in Policy Premium.
The value for the policyholder is derived, not from an actual claim event, rather it is the value derived from the 'peace of mind' experienced by the policyholder, due to the negating of adverse financial consequences caused by the death of the Life Assured.
Parties To Life Insurance Contract
The parties to a life insurance policy are the following parties, the insured, the beneficiary, the owner and the insurer.
The Insured is the person on whom the life insurance is based. Their life is the one that is insured. If they die, or if anything happens to the person that is covered by the life insurance then the policy pays out.
The owner of the life insurance policy is the person who pays the premiums and is responsible for keeping up payment of the policies. Usually this person is the insured, as they want to take care of the family for which they are the bread winner.
Life Insurance Premium and Bonus
“Premium” is the name given to this consideration that the policy holder has to pay in order to Secure the benefits offered by the life insurance contract .it can be looked upon as a price of life insurance policy , where ,In a contract of life insurance , the insurer promises to pay to the policy holder a specified sum of money ,in the event of specified happening.
Bonus usually refers to a non-guaranteed benefit added to life insurance policies. A company will usually have a lot of discretion over the level of bonuses it allocates to contracts. Once allocated, bonuses may or may not be reversed by the insurer in case the contract is terminated early. When a traditional life insurance product mentions ‘with profit policy’ or ‘participating policy’, it simply means the policy and thereby the policyholder is eligible to receive a bonus. A bonus is declared out of the surpluses determined after actuarial valuation of the assets and liabilities of the life insurance company. In other words, surpluses (bonus) reflect the profitability of the life insurance company.
Life Insurance : Importance
Well, through life insurance, you can make sure your family is protected, even in the event of your death. Consider it your last act of love and kindness that you can perform.
Protecting Your Family: A life insurance policy would protect your loved ones financially and help them keep their present lifestyle without much interruption
Investment : If you decide to purchase an investment type of life insurance, called a whole life insurance policy, part of your premium will go to an account that can be accessed later. This can be used as a savings instrument to accumulate substantial wealth or it can be used in an emergency, such as a serious illness or disabling injury.
Protecting Assets:You may have real and personal property that you would not want to go to ruins if you should pass away. With a life insurance policy, you can protect a home, or any other property for which you have an outstanding loan or tax bill or which requires significant upkeep.
Leaving A legacy: People who purchase a life insurance policy may also be interested in leaving a legacy behind by donating the proceeds of their policy to a particular school or an organization.
Life Insurance : Types
Endowment life insurance policy
An endowment insurance policy is something where an amount is paid to you at a certain age. If you die before that specific date, the complete death benefits will be given to your dependant. In endowment life insurance policy, the premiums would be higher than the general life insurance policy. So if you wish to buy such policy, you can go in for it comparing the pros and cons online.
Whole life insurance policy
Whole life insurance policy gives you death protection. It may also be known as the ordinary or general life insurance policy. You need to pay premiums as long as you are alive and after your death the accumulated amount with interest is given to your beneficiary. The premium figure would be higher than the other policies. The period for such insurance shall be 10 to 60 years.
Variable Life Insurance
Variable life insurance gives permanent security to you and death benefits to your family after you. It depends upon the investment part of the policy how the benefits come up. Here there is a minimum cash assurance after the death of the insurance holder. There are security contract signed by the insurance holder.
Universal Life Insurance
Universal Life insurance is a dissimilarity of Whole Life. The insurance component of the policy is disconnected from the savings part of the policy. The investment segment is devoted in relationships and mortgages; the asset portion of Universal Life is endowed in money promote funds.
Variable universal life insurance shells out your receiver a death benefit. The quantity of the advantage is charged on the achievement of your investments. With the fail of your investment the amount gets lowered.
Life Insurance : Principles
A life insurance is a type of a contract which is based on two essential principles- PRINCIPLE OF UTMOST GOOD FAITH and PRINCIPLE OF INSURABLE INTEREST.
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