Life insurance is an insurance product that offers a cash payment in the event the person insured were to lose their life. It can be purchased on a life assured single and joint life assurance basis.
The policy owner is required to pay regular premiums to an insurance company. You can check out various Life Insurance according to your needs and pocket on Business Financial Advice.
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The insured is making sure to protect his family and their mortgagees or dependents from the effects of the life assured death. There are numerous types of life insurance that each have different motives for using.
- Reduced the term of insurance
- All of life
The reduction of term insurance
This type of insurance is great security for capital or interest-paying mortgage. If the life insured should lose life during the time frame of their mortgage and the life insurance policy, the amount paid would be sufficient to pay off the balance of the mortgage.
All of life
The insurance is assured to payout upon the death of the person insured and the policyholder must continue to pay monthly premiums consequently the longer the person insured lives, the more premiums will be paid.
However, if the insured died within the initial two years of beginning the policy, the insurer will pay the claim.