wholesalers-news: Terms Of Life Insurance

The term and conditions provided by a life insurance company are important aspects for you to study. Without the knowledge about this matter it will be difficult for you to understand the concepts and policies under the life insurance conditions that are held in front of you.

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If youre feeling baffled by all the new terminology read through our glossary of life insurance terms and get some.

Terms of life insurance. Life insurance terms are sometimes confusing since it may differ depending on your service provider. In this form the premium paid each year remains the same for the duration of the contract. More common than annual renewable term insurance is guaranteed level premium term life insurance where the premium is guaranteed to be the same for a given period of years.

Term life policies have no value other than the guaranteed death benefit. Life insurance or life assurance especially in the commonwealth of nations is a contract between an insurance policy holder and an insurer or assurer where the insurer promises to pay a designated beneficiary a sum of money the benefit in exchange for a premium upon the death of an insured person often the policy holder. Life insurance is a contract between an insurer and a policyholder in which the insurer guarantees payment of a death benefit to named beneficiaries upon the death of the insured.

The policy tenure can be any period ranging from 1 year to 100 years or whole life depending on the type of life insurance plan and its terms and conditions. The following are. In this life insurance glossary we have defined many of these terms used throughout this website and perhaps in your policy.

If at any time you. The policys purpose is to give insurance to. The most common terms are 10 15 20 and 30 years.

Permanent life insurance policies offer a cash value component that makes them more expensive than term policies and is usually only a good option for people with particular circumstances. Thinking about buying a life insurance policy. Life insurance resource center glossary of life insurance terms agent an insurance company representative licensed by the state who solicits and negotiates contracts of insurance and provides service to the policyholder for the insurer.

Many a times it is also referred to as policy term or policy duration. Before you sign your name and make your first payment though you want to be sure you understand what youre getting. An agent can be independent agent who represents at least two insurance companies or a direct writer who represents and sells policies for one company only.

Level term life insurance. Learning about life insurance can be a daunting task especially if one doesnt know the meaning of the specialized words of which there are many. There is no savings component as found in a whole life insurance product.

Depending on the contract other events such as terminal illness. A life insurance policy that is active for the entirety of the policyholders life.

Life Insurance Word Cloud Concept On A Blackboard With Great Terms