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Permanent life insurance is life insurance that covers the remaining lifetime of the insured. A permanent insurance policy accumulates a cash value up to its date of maturation. The owner can access the money in the cash value by withdrawing money, borrowing the cash value, or surrendering the policy and receiving the surrender value.
Types of life insurance: Find the best coverage to protect your family and assets.
Term life insurance or term assurance is life insurance that provides coverage at a fixed rate of payments for a limited period of time, the relevant term. After that period expires, coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments or conditions.
“The main benefit of a term life insurance policy is its affordability: premiums are lower to start than those paid for permanent insurance and, as such, it allows the owner to buy the most life ...
Each insurance type comes with pros and cons that make it difficult to decide the best. The choice should be based on the factors most likely to help the family cope with the loss of a loved one.
In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy language.