sincerem
VIP Contributor
I've thought about this recently, since we are talking vividly around insurance and it's policies. No one have come to ask him or herself that, how long will he or she continue paying for those policies?
I don't know if it's simply a lifetime payment as the days rolls by. Or their is some specific duration of time for the payment of premium to end and the insured takes the benefits even if the conditions of damages didn't occur.
I know some insurance policy have different terms for instance, just like "term life insurance. Which you pay for some certain duration and after expiration of contract the benefits goes to the insured.
Does that apply to other policies? that after some certain duration payment stops, and benefits automatically enters into our account?
I don't know if it's simply a lifetime payment as the days rolls by. Or their is some specific duration of time for the payment of premium to end and the insured takes the benefits even if the conditions of damages didn't occur.
I know some insurance policy have different terms for instance, just like "term life insurance. Which you pay for some certain duration and after expiration of contract the benefits goes to the insured.
Does that apply to other policies? that after some certain duration payment stops, and benefits automatically enters into our account?