Facts about Life Insurance inform the readers about the contract between an insurer and an insurance policy holder. In the Commonwealth, the term life assurance is used more than the life insurance. When an insured person dies, the insurer will pay the benefits in exchange for the premium that the insurance holder has paid before the insured person’s death. Payment may be triggered because of other events like critical illness or terminal illness. It depends on the contract. Let us check more facts about life insurance below:
Facts about Life Insurance 1: the premium
The premium that the policyholder pays regularly will be exchanged with benefits in the future after he or she dies. The benefit may include the funeral expenditure.
Facts about Life Insurance 2: the terms contracts
The term of contracts should be noticed carefully for the insured events related to death will be limited too. The civil commotion, riot, war, fraud and suicide usually are excluded from the contract.
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Facts about Life Insurance 3: the major categories of the life based contracts
The investment policies and the protection policies are the two prominent categories of life based contracts.
Facts about Life Insurance 4: Investment policies
When you look for a life insurance, check the primary objective carefully. Make sure that it fits your need. You will have to pay the single or regular premium to assist the capital development. This policy is common to spot in United States. It may come in the form of variable life policy, universal life policy and whole life policy.
Facts about Life Insurance 5: the protection policies
The term insurance is considered as the common form of protection policy where a specific event will activate payment for the policyholder.
Facts about Life Insurance 6: the burial clubs
The burial clubs were the first known form of life insurance. This practice was traced back in Ancient Rome.
Facts about Life Insurance 7: life insurance in modern period
The Amicable Society for a Perpetual Assurance Office was noted in modern period as the initial company, which offered the people with life insurance. William Talbot and Sir Thomas Allen co-founded the company in 1706.
Facts about Life Insurance 8: selling life insurance in United States
In 1760s, the life insurance was sold in United States.
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Facts about Life Insurance 9: who is the policy owner and insured person?
The insured person is the one whose death will lead into payment or benefits. The policy owner is the person who has to pay for a policy.
Facts about Life Insurance 10: the insured person
The insured person and policy owner is not always the same person.
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