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Life Insurance

Life Insurance Policies

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Life insurance or life assurance is really a contract between the policy owner and the insurer, where the insurer agrees to pay a sum of money upon the occurrence of the insured individual or individuals' death or other event, such as terminal illness or critical illness

. Life insurance companies are never required by law to underwrite or to provide coverage to anyone, with the exception of Civil Rights Act compliance requirements.

Life insurance dates only to ancient Rome where; "burial clubs" covered the cost of the members' funeral expenses and helped survivors monetarily speaking.

Term Life Insurance Policies

Term - The most common and affordable coverage because it pays only a death benefit, and has no real cash value.

Term Life Insurance: It promotes a cover for a limited period of time.

Term life is the most affordable variety of life insurance.

Critical Illness Insurance Policies

Critical Illness cover can be taken out as a standalone policy or as an optional extra under Term Assurance Plans, which allows for the lump sum to be paid not only on death, but also in the event of the diagnosis of certain critical illnesses, such as heart attack, stroke, or major organ transplant.

Critical life insurance is commonly known as critical illness insurance or critical illness cover. There is a 1 in 5 chance that a man will suffer a long-term critical illness before his normal retirement age.

If you are going to add critical illness cover, make sure the policy also includes cover for your children.

Life Assurance

Interestingly Life Insurance is actually a misnomer as lives can only be assured not insured.

In the United States both forms of coverage are called "insurance", principally due to many companies offering both types of policy, and rather than refer to themselves using both insurance and assurance titles, they instead use just one.

Life insurance or life assurance is a contract between the policy owner and the insurer, where the insurer agrees to pay a sum of money upon the occurrence of the insured individual's death or other named event, such as terminal illness or critical illness.

Guaranteed Premiums

Guaranteed Premiums mean exactly that, the premiums are certainly bound to remain the same right the way through the term of your policy.

Guaranteed premiums can not increase (unless off course you choose inflation-linked cover).

More About Life Insurance

Life insurance should, without a doubt, be one of your top financial priorities, especially if there are people that rely on you financially.

Life insurance helps you plan ahead, so your family will be taken care of even if you can't be there for them.

The sum that your life insurance will provide needs to be enough to pay off your debts and clear the mortgage, in one lump sum or to provide your dependant with an adequate capital sum.

Permanent Life Insurance

Permanent life insurance is also a very appealing option for many people because of the added benefit of the policy growing on a tax-deferred basis, which can grow to be fairly large over time.

Nowadays, life insurance rates and comparisons can be obtained very easily online.