All you need to know about life insurance

 What is insurance?




The answer to the first question: Insurance is an arrangement whereby the insurance company undertakes to provide compensation for a specific loss, damage, illness, or death in exchange for the payment of a specified money premium.

What is life insurance ?

The answer to the second question: It is a type of insurance in which an amount of money is paid either after the expiration of a specific entitlement or upon the death of the insured person.


Life insurance consists of four basic types:

Life insurance consists of four basic types: (a) Fixed term insurance; (B) Life insurance; (C) Fixed-maturity insurance; (D) Health insurance; (E) Retirement; (F) Securing the connected unit; (G) Group insurance.


1- Fixed term insurance: It is an insurance policy designed to pay a lump sum amount after a specified period (upon “reaching the maturity”) or in the event of death.

2- Lifetime: It is an insurance policy guaranteed to remain valid throughout the life of the insured, provided that the stipulated premiums are paid, or until the maturity date is reached.

3- Specific maturity: It is a document that provides insurance coverage for a specific period of time, or a specific "term" of years. If the insured dies during the period stipulated in the policy and with the policy being valid or activated, in this case the amount of death benefits shall be paid.

4- Health insurance: It is an insurance policy against the risk of exposure to medical costs for individuals.

5- Retirement / pension documents: It is a type of document issued by an insurance company to provide money from retirement entitlement. Installments can be paid in one or multiple payments. These contributions are able to earn interest and, after a period of time, provide you with a regular income.

6- The connected unit: The connected unit insurance program is a product provided by insurance companies and differs from pure Insurance documents in that it provides investors with insurance and investment under the umbrella of a unified and integrated program.

7- Collective insurance: Group insurance covers a specific group of individuals, such as members of an association, a professional group, or employees of a specific agency, without the desire to purchase insurance. 

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