All About Insurance: 4 Reasons Everyone Gets Life Insurance
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All About Insurance: Four Reasons Everyone Gets Life Insurance
What is Life Insurance?
As my post since 2009, I already posted about life insurance, here please let me remind you again...
Life insurance is a contract between an insurance policy holder and an insurer, where the insurer promises to pay a designated beneficiary a sum of money (the "benefits") upon the death of the insured person. Depending on the contract, other events such as terminal illness or critical illness may also trigger payment. The policy holder typically pays a premium, either regularly or as a lump sum. Other expenses (such as funeral expenses) are also sometimes included in the premium; however, in Australia the predominant form simply specifies a lump sum to be paid on the policy holder's death. The advantage for the policy owner is "peace of mind", in knowing that the death of the insured person will not result in financial hardship for loved ones.
Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; common examples are claims relating to suicide, fraud, war, riot and civil commotion.
Life-based contracts tend to fall into two major categories:
- Protection policies – designed to provide a benefit in the event of specified event, typically a lump sum payment. A common form of this design is term insurance.
- Investment policies – where the main objective is to facilitate the growth of capital by regular or single premiums. Common forms (in the US) are whole life, universal life and variable life policies.
Why our people get life insurance?
The simple answer is they need it. We can continuously ask, why they need life insurance? Because, they need it to insure their life is living in a good condition, a good situation or may escape from any harmfulness, I think..
But for the video of a guy below, he explains four reasons why people get life insurance...
1. To replace their income..
2. To replace their mortgage amount..
3....
4....
For more details of the 4 reasons everyone gets life insurance, please watch out the video below...
For another video which life insurance is the best for you???
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1 comments:
As affordable term life insurance policies are for a specific time period it is also cheaper when compared to the full life insurance policy. You can purchase a policy which is offered between 10 year term life insurance plan to 30 years’ plan.
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