A Quick Guide to Life Insurance
Life assurance or the life insurance is a policy or rather a legal authorized contract that is in utmost cases between the insurance policy holder who is always the insurance company for instance the jubilee insurance company and the insured or the insurer. 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. Depending on the contract terms and conditions other unanticipated events like critical illness or terminal illness may frequently 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.
The life assurance or rather the life insurance is often a legal contract, the terms and conditions that are always stipulated in the m will be of great significance in taming or dictating the actions of the insured party. To limit the liability of the party insured there are specific exclusions that are always or rather that are often written into the contract. These specified exclusions have always been of significant help to the insurer since they often to make sure that the insured is actually behaving in accordance to the agreement they had made with the policy holder during the policy handing process, the exclusions may include the claims relating to war, fraud, riots and the claims relating to civil commotion. 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.
Secondly we have the protection policies, this are designed to offer benefits or welfares, they are typically a lump sum payment in the event of a specific occurrence. Life assurance are frequently based on a number of factors. One of the important elements in determining the policy you choose is your 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.
Theoretically females are perceived to live seven years longer than the male, therefore this translates to a less expensive policy for the females. Healthy individuals are subjected to cheaper premiums than those who are not healthy.
Another factor is the duration of need of the policy.