Life insurance

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Life insurance

An insurance policy that pays a monetary benefit to the insured person's survivors after death.

Life Insurance

An insurance policy where, in exchange for a premium, the insurance company pays a certain benefit to the survivors of the policyholder upon his/her death. Life insurance can help defray costs of the funeral, pay off the estate's debts, and may provide for the survivors' (notably a widow or widower) future. There are two main types of life insurance. Term life insurance lasts only for a certain period of time and pays the death benefit only if the policyholder dies during that time. Whole life insurance lasts as long as the policyholder remains alive and provides a savings component against which the policyholder can borrow under most circumstances.

Life insurance.

Life insurance is a contract you sign with an insurance company, obligating it to pay a death benefit of a certain value to the beneficiaries you name.

In most cases, the payment is made at the time of your death, but certain policies allow you to take a portion of the death benefit if you are terminally ill and need the money to pay for healthcare.

You may select either term or permanent insurance. With a term policy, you are insured for a specific period of time. When the term ends, you must renew the policy for another term or change your coverage. Otherwise, you're no longer insured. With a permanent policy, you can buy coverage for your lifetime.

You pay an annual premium, typically billed monthly or quarterly, for the coverage. The insurer sets the cost, based on your age, health, lifestyle, and other factors. With a permanent policy, your premium is fixed, but with a term policy it typically increases when you renew your coverage to reflect the fact that you're older.

References in periodicals archive ?
Summary New business premiums in the term life assurance category grew by 7.
Because people are now living longer, they pose less of a risk to life assurance companies, and that has helped drive premiums down.
The partnership is to offer customers of Prudential Life Assurance a 24-hour/7days-a-week cash bill payment service through more than 6,000 stores in Thailand.
Countrywide Assured Group hopes that it will now attract property investors who had run scared from the life assurance side of the business, while Chesnara will attract investors with no interest in property.
AIT is a sad fact that 32 per cent of British adults have no life assurance cover and another 27 per cent believe they are making inadequate provisions (source Association of British Insurers).
Direct Line has just launched an internet site where you can buy life assurance quickly and simply - as Jason Holliday found.
Nancy Amiel, a spokesperson for Equitable Life Assurance Society said, "With the number of leases for Equitable Life Assurance Society locations in New York City due to expire in 1996 and 1997, the company, like most other businesses, is examining other leasing opportunities with the objective of reducing expenses and improving operations efficiency.
Re-visiting the level of your life assurance may also allow you to investigate additional benefit options such as critical life illness cover.
David Nield, formerly Chairman and CEO of Canada Life Financial Corporation and The Canada Life Assurance Company, continues on as a Director of Canada Life Financial Corporation and Canada Life.
While many companies offer life assurance as one of the key benefits of a job, the figure often doesn't cover enough to be of adequate benefit to your family.
The Equitable Life Assurance Society of the United States, New York, changed its name to Axa Equitable Life Insurance Co.
The local currency insurer financial strength ratings on three companies -- Merita Life Assurance Ltd.