.....

Inside the life insurance’s terminology, there are:

Term Life Insurance: Gives to the life insurance coverage for a specific term of years for a specified premium.

Permanent Life Insurance: is life insurance that remains in force until the policy matures, unless the owner fails to pay the premium when due.

Whole Life Insurance: Is the insurance for the whole life. Different of Life Insurance that involves a specific time, like twenty or thirty years.

Universal Life Insurance: Is a flexible-premium, adjustable benefit life insurance policy that accumulates account value. The flexibility of this policy allows you to change the amount of insurance as your need. Some changes require underwriting approval.

Limited-Pay: This type of insurance is a variant of the Permanent Insurance. Here, all the premiums are paid over a specific period after which no additional premiums are due to keep the policy in force.

The examples listed above are just a few of those available to people. Life Insurance, in words, can be a very complex issue, but when people go seek for one, everything is explained in a clear way, so people can chose which one is better for their needs.

9:48 AM - January 31, 2006 - comments {13} - post comment

Life Insurance....

In general words, life insurance happens when somebody makes sort of a deal with a company, buying a policy of his own life, or someone else’s (a daughter can buy a life insurance for her father, for example). When a policy of life insurance is signed, there are three important people that will make it work: the insurer (the company), the owner (who buys the insurance) and the insured – the person whose life is insured. It is important to highlight another person involved in the life insurance, but is not part of the policy: the beneficiary: this person is designed by the owner and will receive the policy proceeds, if the insured dies.

Obviously the life insurance policy has many clauses and terms - once it is a legal contract – where is specified all the conditions of the agreement, on its content. Owner and insurer must follow what were agreed when the policy was signed, or it will result in the contract’s nullification.

People use to seek for these life insurances (most of the times) for financial interests. The owner gets paid if the insured dies, but it is important to say that if he reaches a specific age, the owner will get paid, too.

There are not just one kind of life assurance. Companies created many types of it, so that clients could find a bigger source of interests.

9:47 AM - January 29, 2006 - comments {1776} - post comment