General insurance Features of Life Assurance

[Mataracy]

Life assurance is different from other classes of insurance contracts in a number of ways:

(a) While we refer to other classes of insurance as "Insurance contract" we refer to life business as "Assurance contract".

(b) The insured lives yo enjoy the benefit of the premium hr has paid by way of compensation in event of loss or damage in general business. The benefit of life contract is mostly enjoyed by the estate or dependants of life assured.

(c) There is the option of making life assurance premium payable monthly, quarterly, half yearly, and yearly while general business is often characterized by single annual premium payment (No premium no cover).

(d) Life assurance is not an annual contract but rather over a term of years with an option to renew or terminate at each premium due date vesting in the policyholder only. Other classes of insurance are usually on annual basis except those of on long-term agreement.

(e) Paid-up polices:- This is an alternative to the surrender value in some policies. In this case the premiums ceases, the policy continues, but on maturity a smaller sun than would originally have been paid will be due to policyholder. This opportunity does not exist in non-life policies.

(f) possession of life assurance policy can be used to obtain relief on income tax and for collateral in securing loans from financial institutions while possession of non- life policies cannot be used for such.etc.

These are part of the feature of Life assurance and your own contribution is highly welcome. And I know it will realm benefit us.

 

[Mika]

The term assurance is normally used for whole life insurance. This kind of insurance policy does not have an expiry until the death of the insurer provided the insurer pays the premiums regularly. The whole life insurance policy, or assurance, is best if you want to support your family financially after your death.

 

[Good luck]

All the features that were mentioned or stated above are all good features when it comes to life assurance.one needs to understand and know the rules and regulations that guide every insurance company or policy to be able to know how to deal with such organization or company.Life Assurance help one to plan ahead for the future and it has a lot of benefits that follow.

 

[Mandy96]

Please what is the difference between “life insurance” and “life business insurance”. To be honest, I have never heard of life business insurance until now, probably maybe because I really do not know much about insurance generally. I think I love the features you stated up there and if that is true then I will advice any business owner to subscribe to this type insurance policy.

 

[btaliat]

Life insurance otherwise called assurance is insuring against possibilities unlike other types of insurances that only insure against probability. There are basically two ways of engaging in life insurance, either as a term life insurance which will cover some specific years of whole life which will cover the afterlife of the insured.

 

[Jamoflondon]

I really see nothing special or different in life insurance policy compared to the other insurance policy. I don’t really know much about life insurance policy but I am so sure there will be limitations to this particular insurance policy. So therefore, it’s just like every other insurance policy out there.

 

[Lens1000]

The whole life insurance policy is the best insurance you can undertake. There are so many hiden benefits in the whole life insurance. It's an assurance that is worth buying. With the assurance, you will be able to plan for the future of your children while you are gone. The beauty is the capacity to build the future of your dream after death.

 

[Wisdom01]

There are so many benefits attached to it most especially when it's been used as collateral in Banks , if the person does not have the asset that's worth it , he or she could make use of it if it's worth it to be turn into as a collateral or accepted by the bank