Let us create a 3D eBook for you!
Let us create a 3d Digital eBook for you! DigyCat.com

Everything You Need to Know About Life Insurance


Life insurance is a type of protection that can be bought and insures the buyer in the event of death. The risk that is assumed by the insurer is the risk of death of the insured. Life insurance is a very good purchase in order to protect a family, especially if you are the sole breadwinner. Additionally, life insurance can help pay for funeral costs and therefore ensure that your death will not be a financial burden for your family.

It is important to understand the process of life insurance in order to truly grasp its value. A life insurance transaction has three parties: the insured, the insurer, and the owner of the policy (the insured and owner of the policy are often the same person). One of the most important parties involved with life insurance is the beneficiary. The beneficiary receives the policy proceeds upon the death of the insured. Only the owner of the policy can change the beneficiary. If the beneficiary is an irrevocable beneficiary, then any changes in beneficiary must be agreed to by the irrevocable beneficiary.

In order to solidify a life insurance plan with an insurer, the insurer must evaluate the insured's lifestyle. The insurer evaluates the risk of insuring the customer. Some insurance companies will not grant insurance to people with serious health issues, or extreme lifestyles. Insurance companies charge differing amounts for life insurance based on the risk evaluation. Part of the risk evaluation is a health evaluation. There are for categories for people seeking life insurance: Preferred Best, Preferred, Standard, and Tobacco. Having no family history of illness or early cancer, and being extremely healthy and active can result in a Preferred Best rating. Depending on lifestyles, and family histories, a person is slowly moved down the ladder. It is easy to move down the categories but almost impossible to move up a category.

Life insurance is a legal contract that has terms and conditions. In the event of the suicide of the insured, most insurance companies will declare the policy null and void. Misrepresentation by the owner or insured on the life insurance application is also a plausible reason for the policy to be nullified. Insurance companies are entitled to know the circumstances of the insured's death and can decide whether or not the policy should be nullified if there is suspicion of suicide. A death certificate must be shown to the insurer to prove the death of the insured.

As with any insurance policy, life insurance takes a substantial amount of time to mature. Once matured, the "face value" of the policy is given. A policy matures upon the death of the insured, or when the insured reaches a certain age. Depending on the policy, the insured can make differing amounts of payments over time. As with all insurances, failed payments result in the termination of the insurance.

Life insurance is a very good thing to have because it protects your family's financial well-being. In the event that you were the sole worker, life insurance can pay your family your salary for many years (depending on the policy). Life insurance can also cover the costs of funerals and therefore your death won't be a burden on your family.

Peter Wise is interested in financial matters and writes for Life Insurance Lowdown (http://www.lifeinsurancelowdown.com).


MORE RESOURCES:

Insurance - Google News

This RSS feed URL is deprecated

This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news

GE's Credit Risk Rises After Insurance Charge Spooks Investors - Bloomberg


Bloomberg

GE's Credit Risk Rises After Insurance Charge Spooks Investors
Bloomberg
The Boston-based company unnerved investors when it disclosed that it would take a $6.2 billion charge and set aside $15 billion in the coming years to add to reserves for a portfolio primarily of long-term care insurance policies. The announcement ...

Liberty Mutual sells life insurance unit for $3.3 billion as part of overhaul - Boston Business Journal


Boston Business Journal

Liberty Mutual sells life insurance unit for $3.3 billion as part of overhaul
Boston Business Journal
Liberty Mutual Insurance Group has agreed to sell its group benefits and life insurance subsidiary to Lincoln Financial Group for $3.3 billion, fulfilling a plan to focus fully on property and casualty insurance. Lincoln Financial (NYSE: LNC) will keep ...
Insurance M&A benefits from thin US safety net Nasdaq
Liberty Mutual Insurance Realigns Domestic and Global Property & Casualty Operations PR Newswire (press release)

all 34 news articles »

Paul Ryan is lying to you about the Children's Health Insurance Program - Vox


Vox

Paul Ryan is lying to you about the Children's Health Insurance Program
Vox
Paul Ryan's absolute greatest passion in life, the thing that drives him and underlies all of his work in public office, is destroying government programs for poor and low-income people. This was behind his 2005 push to privatize Social Security; it's ...
CHIP: What to know about the Children's Health Insurance Program Fox News
Trump children's health insurance tweet contradicts, confounds CNN
Let's remember: 9 million kids' health insurance is at stake in this budget fight Washington Post
New York Times  - HuffPost  - Daily Beast
all 2,527 news articles »

Home inventories are necessary, but not as hard as you think - Jackson Clarion Ledger


Jackson Clarion Ledger

Home inventories are necessary, but not as hard as you think
Jackson Clarion Ledger
It's a tragic picture that's repeated much too often: A family finds itself on the street, staring shell-shocked at the smoldering ruins of their home, or trying to pick their way through the wreckage after a tornado rampages through their town. What ...

AHA Makes Suggestions for In-State Insurance Market Stabilization - HealthPayerIntelligence.com


HealthPayerIntelligence.com

AHA Makes Suggestions for In-State Insurance Market Stabilization
HealthPayerIntelligence.com
January 19, 2018 - In order to stabilize in-state insurance markets, stakeholders should consider strategies including reinsurance, Medicaid-sponsored health plans, and high-risk pools, according to the AHA. Several factors are contributing to unstable ...

Tennessee Captive Insurance Companies Exceed $1 Billion in Premiums - Insurance Journal


Tennessee Captive Insurance Companies Exceed $1 Billion in Premiums
Insurance Journal
TDCI's Insurance Division is responsible for properly regulating Tennessee's captive insurance industry. “Not only are the size of new captives increasing, we are seeing the maturation of the captive insurance marketplace,” said Director of Captive ...

and more »

Why Montecito's mudslide victims don't need flood insurance to recover their losses - Los Angeles Times


Los Angeles Times

Why Montecito's mudslide victims don't need flood insurance to recover their losses
Los Angeles Times
To the editor: Law professor Kenneth S. Klein writes that Montecito flood victims should not suppose their property losses are covered by homeowners' insurance. Contrary to Klein's statement, that is exactly what they should suppose. (“Another lesson ...

South Carolina School District Sues in Insurance Case - U.S. News & World Report


WCBD News 2

South Carolina School District Sues in Insurance Case
U.S. News & World Report
South Carolina School District Sues in Insurance Case. A South Carolina school district has sued a North Carolina insurance brokerage, saying it sold the district excessive policies and charged too much. Jan. 19, 2018, at 12:26 p.m.. South Carolina ...
The Berkeley County School District seeks $42 million in alleged insurance fraud scheme WCBD News 2

all 6 news articles »

Climate insurance scheme targets women farmers in Africa, Asia - Reuters


Climate insurance scheme targets women farmers in Africa, Asia
Reuters
The African and Asian Resilience in Disaster Insurance Scheme (ARDIS) is being led by VisionFund International, the microfinance arm of development charity World Vision, and Global Parametrics, a new venture backed by the British and German governments ...

and more »

LargeFriends.com - the best dating site for plus-sized singles!
SuccessfulMatchCentral.com - the best dating site for plus-sized singles!

PreLaunchX

DigyCat Domain Is For Sale - $105,000 For Enquiries eMail Us

© www.DigyCat.com - 2012

home | site map | links