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LIFE INSURANCE SECTION
Articles:
Life Insurance
In its origins life insurance was in the provision
of funeral expenses by the prepayment of regular amounts, life
insurance has
grown into a sophisticated and multi-faceted
industry concerned with
the payment of a certain sum on the death of the
individual,and bisides the provision of savings since
frequently is coupled with a savings factor.There are two
basic types of life insurance
available on the market
today, Term Life Insurance and Permanent Insurance
What is Life Insurance?
Life Insurance is an insurance policy that pays a set amount to those named in the life
insurance policy (the "beneficiaries")
when the life insurance policy-holder dies |
Life Insurance
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life insurance
n.
Insurance that guarantees a specific sum of money to a designated beneficiary upon the
death of the insured or to the insured if he or she lives beyond a certain age.
term life insurance
: life insurance that provides coverage for a set term and does not accumulate cash
surrender value
universal life insurance
: life insurance characterized by flexible premiums, benefits, and payment
schedules, by the indexing of cash value to money market interest rates, and by the
periodic |
Life Insurance Tips
Here are some important questions to answer before you put your life in someone else's
hands:
- Do I need life insurance for myself or my family?
- Would it be more prudent to take out separate cover rather than a joint policy?
- Do I need term life insurance, whole life insurance or an endowment policy?
- Are the premiums guaranteed or reviewable?
- Does the life insurance policy include terminal illness benefit?
- Will the policy cover all of my debts?
- Do I have any cover as part of my employee benefits and for how long?
- Is my job likely to affect my future health?
- If I choose term life insurance, how long should the policy run for?
- Should I name any beneficiaries or let the lifeinsurance money be paid into my estate?
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Term Life Insurance
Designed for temporary life insurance protection,the
Term Insurance
lower initial premium expense. Over time, however,
term insurance
premiums can increase significantly. In the long run
the cost may even
surpass the cost of permanent life insurance.
You choose this insurance qhen you just want to be
insured for a year
or two years, let us say. and then you can renew it
if you wish.
Permanent Life Insurance
Intended for an extended duration, even for your
entire lifetime.
Permanent Life Insurance offers guaranteed premiums
and guaranteed
cash values . Some types can offer you cash value
growth driven by the
equity markets. While the premiums are higher than
you initially would
pay for the term insurance, over time the permanent
life insurance
cost may be lower than term insurance
Life insurance is a financial resource for your
loved ones in the event of your death.
The insurance company will provide a certain
amount of money to your beneficiaries upon your
death. In return, you
make periodic payments,
The amount of the payments
(known as premiums ) generally depends on factors
such as your age, gender, occupation,
medical history and whether you intend to build up
cash value in your
policy. Some policies may require a medical exam.
Certain types of life insurance also provide
benefits for you and
your family while you're still living. Such policies
accumulate cash
value that can be used for future needs such as
supplementing your
retirement income or helping provide for a child's
education.
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This information just pretends to let you know
some factors that may
affect your Life insurance decision. We do not
make specific
recommendations . Consult an insurance professional
before making any
decision.
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