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 ?
National Underwriter ran stories about life insurers struggling to keep enough of their own employees healthy to pay the policyholders' death claims.
Unfortunately, there is no one factor responsible for such a difficult environment for life insurers. Rather, these companies must deal with a complex mix of elements, one that places severe top- and bottom-line pressure on life insurers and will do so for years to come.
The top three life insurers' core operating profits all fell.
The Japanese life insurers began paying back the money to Taiwanese policyholders in December 1996, but progress had been slow.
"The main business of life insurers is now savings products that insure market risk through minimum return guarantees," Koijen and Yogo conclude.
Over the near term, the impact of sustained low interest rates will limit US life insurers' earnings growth but not have a meaningful impact on statutory capital.
The number of foreign-owned life insurers operating in the United States jumped 9.3%, to 106, thanks to growth in the number of issuers based in Japan and in the Cayman Islands
"The low interest rate environment has proved challenging for life insurers to generate sufficient investment returns to meet high guaranteed benefits promised in prior years," the FSOC report stated.
In reporting its first earnings results, the life insurer used combined figures of the two pre-merger companies for a period from April to December 2003 and its own figures for the January-March period to show results for the entire fiscal 2003, and made year-on-year comparisons using pre-merger insurers' figures.
life insurers in the first half of 2018, according to a new dashboard from Fitch Ratings summarizing mid-year 2018 GAAP results for U.S.
Koijen, an economist who teachers at the New York University business school, and Motohiro Yogo, an economist at Princeton University, wrote the new paper to review recent trends in the kinds of risks that face life insurers, and how risk might flow between banks and life insurers.
Because of privacy concerns, a life insurer may require an individual to submit a copy of the death certificate and other paperwork before the insurer will verify that the individual appears to be a policy beneficiary.

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