How does family life insurance works?

[Guest]

Family life insurance policy that will help in providing the needed financial security to your family even in your absence. This cover can be claimed after the insured person passes away during the policy term and the amount can be used the family to meet the financial commitments.

 

[jhon paul]

Family life insurance is one in which the policyholder will have to make monthly payments to the insurer, and in an event when the insured person passes away during the term of the policy due to reasons specified according to the policy terms, the insurer will pay the policy cover amount as a lump sum to the dependents.And if you did pass away during the policy term the insurer would pay the cover amount that you took out the sum assured to the beneficiary.In this the policy will lapse if there is a failed premium payment if the death of the insured happens after the end of the policy.

 

[Alexandoy]

I wonder what the difference of family life insurance to an ordinary life insurance. As was written above when the insured dies then the family receives the amount of policy. For an ordinary life insurance when the insured dies then the beneficiary receives the amount stated in the policy. It is the same, right? So what makes it different with the ordinary life insurance?

 

[Wisdom01]

I wonder what the difference of family life insurance to an ordinary life insurance. As was written above when the insured dies then the family receives the amount of policy. For an ordinary life insurance when the insured dies then the beneficiary receives the amount stated in the policy. It is the same, right? So what makes it different with the ordinary life insurance?

There is still some element of differences between the two ,the life insurance policy could be a particular or single individual insuring against risk or even family insuring their lives ,but the family insurance is more specified unlike the life insurance policy I think

 

[Mandy96]

I think people that usually travel away from their family probably because of work or some other things, this is the right insurance policy for them. For example, a soldier that went away to war will really need this because it will go a long way for his or her family