Life insurance is designed to help ensure that your loved ones will be financially secure
Tuesday, December 5, 2017
Edit
What Is Life Insurance?
Life insurance is designed to help ensure that your loved ones will be financially secure.
What is life insurance? At its core, life insurance is a product designed to help protect people who you are financially responsible for in the event of your death. A life insurance policy is a protective contract between you (the insured) and an insurer (insurance company).
This contract is intended to provide direct financial benefits, known as death benefits, to the person(s) of your choice if you should die during the period you elect to be covered. The individuals you designate to receive death benefits are referred to as beneficiaries. The amount of benefits paid to the beneficiary (or beneficiaries) is determined by the amount of coverage that you elect to purchase.
The origins of insurance stretch back thousands of years to ancient societies. But, the basic tenets of insurance haven't changed much since then: A group of people invest a portion of their income into a proverbial "pool of funds" to help protect something of value.
These funds are kept in reserve and managed by the entity responsible for the "pool". If one of those investors suffers a loss or damage to their protected asset, they are entitled to a sum of money to compensate for the loss. An insured individual has the ability to make a "claim" on their agreement with whomever they purchased their protective policy from. All of this works because it is highly unlikely that each contributor to that "pool of funds" would all make a claim at the same time.
Most people are familiar with this type of an arrangement from purchasing motor-vehicle or homeowners insurance. Life insurance operates under the same fundamental principles.
How much does life insurance cost?
The price you pay for life insurance is determined by a number of factors including how much coverage and what type of policy you may need.
People applying for life insurance may be asked personal, lifestyle, and health-related questions by a licensed insurance agent (and sometimes a medical examiner). This information, along with the use of actuarial tables, helps insurers place you into a "rate class". A rate class is a classification, used to by life insurance companies, to determine which products are available to you and at what prices.
Do I need life insurance?
If you have anyone who depends on you financially, you might need a life insurance policy. If life insurance is about protecting what and who you love, then anyone that fits one of these categories may want to consider a policy:
You're married
You have a domestic partner
You have a spouse and kids
Youre the primary breadwinner
You're single with kids
You have a home
You own your business
You have student loan debt
You're retired
How about you?
Are You Ready?
Let's Come to Insurance Office to Get Protect Your Life
.
This is the article that we have presented to you which was published, with the title "Life insurance is designed to help ensure that your loved ones will be financially secure" and I hope this article is useful for you. I have another website which is www.halalmartindo.com I look forward to your visit to our website.
Thank You So Much.
Life insurance is designed to help ensure that your loved ones will be financially secure.
What is life insurance? At its core, life insurance is a product designed to help protect people who you are financially responsible for in the event of your death. A life insurance policy is a protective contract between you (the insured) and an insurer (insurance company).
This contract is intended to provide direct financial benefits, known as death benefits, to the person(s) of your choice if you should die during the period you elect to be covered. The individuals you designate to receive death benefits are referred to as beneficiaries. The amount of benefits paid to the beneficiary (or beneficiaries) is determined by the amount of coverage that you elect to purchase.
The origins of insurance stretch back thousands of years to ancient societies. But, the basic tenets of insurance haven't changed much since then: A group of people invest a portion of their income into a proverbial "pool of funds" to help protect something of value.
These funds are kept in reserve and managed by the entity responsible for the "pool". If one of those investors suffers a loss or damage to their protected asset, they are entitled to a sum of money to compensate for the loss. An insured individual has the ability to make a "claim" on their agreement with whomever they purchased their protective policy from. All of this works because it is highly unlikely that each contributor to that "pool of funds" would all make a claim at the same time.
Most people are familiar with this type of an arrangement from purchasing motor-vehicle or homeowners insurance. Life insurance operates under the same fundamental principles.
How much does life insurance cost?
The price you pay for life insurance is determined by a number of factors including how much coverage and what type of policy you may need.
People applying for life insurance may be asked personal, lifestyle, and health-related questions by a licensed insurance agent (and sometimes a medical examiner). This information, along with the use of actuarial tables, helps insurers place you into a "rate class". A rate class is a classification, used to by life insurance companies, to determine which products are available to you and at what prices.
Do I need life insurance?
If you have anyone who depends on you financially, you might need a life insurance policy. If life insurance is about protecting what and who you love, then anyone that fits one of these categories may want to consider a policy:
You're married
You have a domestic partner
You have a spouse and kids
Youre the primary breadwinner
You're single with kids
You have a home
You own your business
You have student loan debt
You're retired
How about you?
Are You Ready?
Let's Come to Insurance Office to Get Protect Your Life
.