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Life Insurance

Life Insurance Policies

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Life insurance is one of the best things a person can do for their family. The insurance guarantees money to a beneficiary when the insured person dies. A policyholder can get life insurance on another person or themselves. But the contract holder promises to pay a premium in exchange for the benefit of having the insurance. The policy provides financial support for the person receiving the benefit, and is useful for assuring the well being of a loved one.

This insurance is a viable tool for all people, not just the elderly or sick. It ensures that some beneficiary will be cared for after the death of the insured person. Death can occur at any time, so it’s not always a matter of age or health. Some policies even have the ability to grow capital by having premiums that gain interest.

When a person buys life insurance, they contract for a particular type of policy. The insurance company calculates prices based on the application. Health history and lifestyle parameters affect the cost of the policy. Some people may even be denied a policy. The company uses mortality tables to figure life expectancy and determine the cost of the policy.

The policyholder must pay the premiums to keep the policy active. Upon death of the insured person, the company requires a notarized death certificate or other proof of death. After that is received, the company pays the claim. Payment is either in a lump sum or installment payments.

Several life insurance policies are available, including term insurance, whole life, universal life, and variable life. The policy may have a fixed benefit or gain in value over time.


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