A Quick Guide to Life Insurance
Life insurance or rather life assurance is a legal policy or a legal contract that is normally between the insured and the insurance policy holder that is in most cases the insurance company for example the Jubilee insurance. In this contract the insurer promises to pay a stipulated or designated beneficiary a sum of money in exchange of the premiums upon the death of the insured party. Who is in most cases is the policy holder. On the basis of the contract and its terms and conditions other un anticipated conditions such as the terminal illness and or other critical illness may facilitate the payment of the insured party. The insured or the policy holder may decide to pay the premiums on a regular or frequent basis or just decide to pay it once as lump sum. Other additional expenses like say for example the funeral expense can be customarily incorporated in the benefits or in the dole.
policies are legal contracts that often have their rules and regulations, at times the policies often have restrictions of their own and to their holders, the life insurance or alternatively the life assurance policy is not any different to all those other legal policies, this is evident because it always has its own terms and conditions or if you like its own restriction that most commonly dictates the actions and the doing of the insured. For the purposes of trying to limit the liability of the insured or the policy holder there are always a number of specified exemptions or rather specified exclusions that are often into the contract to help categorically prevent the insured from being extra liable. This exclusion has always been of great help to the insurers since they frequently makes sure that the insured is behaving according to their agreement with the policy holder, they may include the civil commotion, claims relating to suicide, claims relating to war, claims relating to riots and claims that are relating to fraud. The life based contract of insurance tends to be grouped into two large categories. Firstly we have the investments policies; the main aim of these policies is to trigger the growth of capital by single or regular premium, the examples may include the whole life, the universal life and the variable life policies.
Protection policy is the other category of the life insurance policy, it is designed to offer benefits or welfare and they are categorically lump sum payment in the event of the event specific occurrence. The life insurance policy is often based on various number of considerations which may include. Among the most important factors to consider when determining the type of policy you chose is the age. Younger party often has a wide range to choose from, this is because some of the insurance policies have age limits, For instance the basic term lifer insurance eligibility to purchase ends at the age of 60.
Basically the female are seen to have the upper hand when it comes to the number of years they live, this often translates to the policies being less expensive for the female. Healthy individuals are subjected to cheaper premiums than those who are not healthy.
Another factor is the duration of need of the policy.