Life Insurance |
Life insurance 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 or
individuals' death or other event, such as terminal illness or critical illness. In
return, the policy owner (or policy payer) agrees to pay a stipulated amount called a
premium at regular intervals or in lump sums. Typically a lump sum is to be paid on the
insured's demise.
Life insurance is a contract between the insurance company and the policy owner
whereby a benefit is paid to the designated beneficiary in the event that an insured
event occurs. Insured events typically include death , terminal illness and may include
a serious illness.
Suicide, fraud, war, riot and civil commotion are typically not covered.
Life insurance contracts tend to fall into two major categories:
Protection Life Insurance Policies
This type of life insurance is designed to provide a benefit in the event of
specified event, typically a lump sum payment. This is typically called term life
insurance.
Investment Life Insurance Policies
The main objective is to facilitate the growth of capital by regular or single premiums.
This type of life insurance comes in three common forms; whole life, universal life and
variable life policies.
Amerisave and all affiliated companies make no warranty and take no responsibility for
the accuracy of the information found on this website. All information should be
verified with your insurance carrier.
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