Information of Life Insurance : Online life Insurance Companies
Life insurance is a contract between two people including the policy owner and the insurer. Here the insurer agrees to pay a certain amount of money at owner???s death. In return to this the policy owner agrees for paying a specific amount at regular intervals called a premium. Based on most insurance policies life insurance is like a contract between the insurer and the policy owner where a benefit is paid to the selected beneficiary. To acquire life insurance policy the event insured should base upon life. An insured event should include sudden death or accidental health. Here you are getting information on life insurance online. Life policies are the legal contracts the terms of such contracts describe the time span of the insured events.
Life based contracts fall under two categories:
- Protection policies: It is designed to provide a benefit in the event of specified event usually a hefty payment.
- Investment Policies: Investment policies are provided where the main objective is to facilitate the growth of capital by series of payments or single. The beneficiary in a policy receives policy proceeds upon the death of the insured. The beneficiary is designated by the owner. Where the policy owner is not insured the insurance companies sought to limit policy purchases to those with an "insurable interest". In case of life insurance policies close family members and business partners are usually found to have an insurable interest. In some Special provisions such as suicide clauses wherein the policy becomes null if the insured commits suicide within a specified time.
Life insurance is divided into two basic categories such as temporary and permanent or sub categories such as term, universal, whole life, variable, variable universal and endowment life insurance.
