Life insurance Key facts about life insurance

[Phabbyfundz]

— life insurance is a legally binding contract that pays a death benefit to the policy owner when the insured dies.
— for a life insurance policy to remain in force, the policy holder must pay a single premium upfront or pay regular premiums over time.
— when the insured dies, the policy named beneficiaries will receive the policy's face value, or death benefit.
— term life insurance policy expire after a given number of years. While permanent life insurance policy remains active until the insured dies, stop paying premiums or surrenders the insurance policy.
— a life insurance policy is often as good as the financial strength of the said insurance company that issues it. The states guaranty funds may pay or would pay claims if the issuers can't pay.
This are some known facts about life insurance policy's.

 

[btaliat]

You have really said the most important things when it comes to life insurance. The only thing you didn't really capture well is that we have two types of life insurance. While there is benefit for the direct insurance in one type of life insurance, other one will allow the benefit to go to the beneficiary

 

[Mandy96]

The main things one has to know about life insurance is that it is a coverage for a whole lifetime. It also serve as an investment for the client in the sense that the insured will have to keep paying premium and when it’s time for compensation, it will come along with profits

 

[Nite]

Life insurance is known to be one of the finest and secure ways to protect you and your family against different kinds of life uncertainties. And if a person knows all your described facts, then it can help them make wise decision and extract the utmost benefits from a life insurance plan.

 

[Chibson]

Life insurance is very important because it provides coverage and a lot of benefits to the policy holder. There are so many family is that have gone into a lot distress because there was no life insurance put in place in order to know the allocation of properties to each individual in that particular family.

 

[Wisdom01]

Thanks for this information , but for more clarity under permanent insurance , would the person still get the full benefits even if he or she stopped paying premium along the line , because the pandemic caused a lot of issues as many people were unable to pay premium during that time

 

[btaliat]

Thanks for this information , but for more clarity under permanent insurance , would the person still get the full benefits even if he or she stopped paying premium along the line , because the pandemic caused a lot of issues as many people were unable to pay premium during that time

That's a very good question that I am sure will be bothering many people as well. As far as I know, the insurance company has two things to do, it is either they don't give the insured person the compensation using the alibi that the insured person breached the contract between the two parties or they pay half to the purchaser of this insurance policy.

 

[Wisdom01]

That's a very good question that I am sure will be bothering many people as well. As far as I know, the insurance company has two things to do, it is either they don't give the insured person the compensation using the alibi that the insured person breached the contract between the two parties or they pay half to the purchaser of this insurance policy.

In other type of insurance policy that I have checked on its like they actually do not give full compensation to the insurer if he was unable to complete the premium payment and that's if it's even with the agreement with the insurance company too , because if some don't complete the premium the agreement would be terminated