General insurance How long will i continue to fund an insurance scheme?

[sincerem]

As the saying goes, nothing last forever. I believe that what has beginning will surely draw to a conclusive part. And I believe when insurance is reached it is between a given duration, and its not something that can be fund till life time. Even pension scheme funding isn't a lifetime funding scheme. At some point especially during the retirement age, the scheme is stopped and the customer starts earning the benefits associated to it.

Same thing I'm hoping around insurance scheme. I'm just drawing this discussion here, cos I'm trying to aid my view, if its something continuous or base on certain duration of time just as contract expires.

Do you think insurance funding is continuously till time immemorial?
Or their is limit to it at some stage?

 

[anil02]

As the saying goes, nothing last forever. I believe that what has beginning will surely draw to a conclusive part. And I believe when insurance is reached it is between a given duration, and its not something that can be fund till life time. Even pension scheme funding isn't a lifetime funding scheme. At some point especially during the retirement age, the scheme is stopped and the customer starts earning the benefits associated to it.

Same thing I'm hoping around insurance scheme. I'm just drawing this discussion here, cos I'm trying to aid my view, if its something continuous or base on certain duration of time just as contract expires.

Do you think insurance funding is continuously till time immemorial?
Or their is limit to it at some stage?

Paying for insurance is also means of saving. So period of saving is depends on our earning. If we are salaried person than it is better to stop paying before retirement. And if we are business person we can continue it for more time. Most of plans are for certain period.

 

[btaliat]

Premium, that is, the money pays for insurance company depends on the insurance policy that one engages in and the plan. For instance, in life insurance policy, there is life time coverage which covers a specific term and whole life coverage which requires the insured person to be paying premium till he dies.

 

[anil02]

Premium, that is, the money pays for insurance company depends on the insurance policy that one engages in and the plan. For instance, in life insurance policy, there is life time coverage which covers a specific term and whole life coverage which requires the insured person to be paying premium till he dies.

I know it but in India we prefer policy for fixed term not for whole life. Here paying for life insurance is means of saving tax and saving for old age. So I think paying premium for whole life is not good for us. For old age peoples premium is also more than young age peoples.

 

[Setho]

They are actually a lot of insurance policies out there and the way they work but the majority I have seen is that insurance accounts also serve savings account. This is to mean that you can withdraw a certain percentage of your money after sometime or choose to continue with the scheme.

 

[Wisdom01]

It depends on the agreement you signed up with the insurance company , because most times the insurance company you are registering on do have different insurance policy attached and you are the one to choose the necessary premium payment mode and the duration period that suits you well I think

 

[sincerem]

Everything depends on the term of the contract of the insurance premium policy. I've come to learn that, and that's how insurance companies operate. They run their business with various plans which an insured can look up to, seek insurance policy either for short term or long term insurance purposes.

 

[anil02]

It depends on the agreement you signed up with the insurance company , because most times the insurance company you are registering on do have different insurance policy attached and you are the one to choose the necessary premium payment mode and the duration period that suits you well I think

All plan are not suitable for all peoples. Peoples have differ needs. In India most of companies have lot of plan, I am talking about life insurance plans. If some one wants money after some years of insurance money back policy is best one. We will get some amount at regular interval. Although it is some expensive plan

 

[Chibson]

Not every kind of insurance that you will continue to pay to your whole lifetime. There are fixed and non fixed insurance policies in the sense that the fixed is stipulated to come and end at a particular period of time having been agreed by the insurer and the insurance company. A typical example of this is term life insurance and whole life insurance.