Life assurance is a contract between the policy owner and the insurer,
where the insurer agrees to pay a designated beneficiary a sum of money upon
the occurrence of the insured individual’s or individuals’ death or other
event, such as terminal illness or critical illness. In return, the policy
owner agrees to pay a stipulated amount at regular intervals or in lump sums.
There may be designs in some countries where bills and death expenses plus
catering for after funeral expenses should be included in Policy Premium. In
the United States, the predominant form simply specifies a lump sum to be paid on the insured’s
demise.
As with most insurance policies, life insurance is a contract between the
insurer and the policy owner whereby a benefit is paid to the designated
beneficiaries if an insured event occurs which is covered by the policy.
The value for the policyholder is derived, not from an actual claim event,
rather it is the value derived from the ‘peace of mind’ experienced by the
policyholder, due to the negating of adverse financial consequences caused by
the death of the Life Assured.
The best life cover can be boring and tedious, with so many websites all offering different life
insurance cover products at different prices, it can all seem very confusing.
At lifecover.net, we search through 100’s of life cover companies to find the
best life cover for your situation.
To be a life policy the insured event must be based upon the lives of the people named in the policy.
Finding the best life cover can be boring and tedious, with so many websites all offering different life cover quotes at different prices, it can all seem very confusing. At lifecover.net, we search through 100’s of life cover companies to find the best life cover for your situation.