Life insurance policy

Unique23

Member
Today I will talk about the life insurance policy.
A life insurance policy is a contract between a person and policy holder. It is a legally contract. In this policy the policy holder must pay a regular premium overtime. Insurance policy is as good as the financial strength. It provides financial support after the death of an insured. It has two main components
*A death benefit
*Premium
Many insurance companies offer policyholders the different option. Most people use an insurance policy to provide money who would suffer a financial hardship upon the insured's death. These policies are also for people who temporarIlyich need specific amount of life insurance.
In Term life policinsurance customers pay more in premiums for less coverage on whole life.
In Renewal Term life premium may be more expensive than permanent life insurance.
Policies can have saving vehicle so customers prefer permanent life insurance
If the policy holder dies within the state term life insurance guarantees payment of the stated death benefit.
 

Alexandoy

VIP Contributor
For me, the main benefit of insurance is the peace of mind. I have been offered life insurance from time to time because some of my friends are selling insurance. Right now I don't see the need because I do not plan to die soon. However, for an old guy like me, the life insurance doesn't work anymore. When you are past 60 the premium is so high that it is better to die without life insurance.
 

Wisdom01

Valued Contributor
I think the permanent life insurance policy benefit just as you have stated would probably be received until the insurer dies ,but talking about the renewal how does that works is it for a short term basis I need to understand more about such type of policy to know more ,
 

Mandy96

Valued Contributor
This is a good point made in the analysis but I think it is the fact that the life insurance generally is not satisfactory enough in definition with me. I mean I have been wishing to know more about this typically as a whole because I believe there is definitely more to this than just the regular definitions I see and hear around
 
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