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Do You Need Life Insurance? | Jabar Post Indonesia

Do You Need Life Insurance? | Jabar Post Indonesia/a> – This time JabarPost.Net will discuss about Life Insurance.

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Do You Need Life Insurance? | Jabar Post Indonesia

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). Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policy holder typically pays a premium, either regularly or as one lump sum. Other expenses, such as funeral expenses, can also be included in the benefits.

Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; common examples are claims relating to suicide, fraud, war, riot, and civil commotion.

Modern life insurance bears some similarity to the asset management industry[1] and life insurers have diversified their products into retirement products such as annuities.[2]

Life-based contracts tend to fall into two major categories:

Protection policies: designed to provide a benefit, typically a lump sum payment, in the event of a specified occurrence. A common form—more common in years past—of a protection policy design is term insurance.

Investment policies: the main objective of these policies is to facilitate the growth of capital by regular or single premiums. Common forms (in the U.S.) are whole life, universal life, and variable life policies.



Do You Need Life Insurance?

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At age 19, Anthony ONeal was deep in debt and short on hope with no direction of where his life was headed. But after hitting rock bottom, he turned his life around and committed to helping students find and pursue their passions. Since 2003, Anthony has helped hundreds of thousands of students make smart decisions with their money, relationships, and education to live a well-balanced life. He’s the national bestselling author of Graduate Survival Guide: 5 Mistakes You Can’t Afford to Make in College, and travels the country spreading his encouraging message to help teens and young adults start their lives off right. His latest book, Debt Free Degree helps kids through college without student loans.

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14 Comments

  1. Great info, to the point. I have insurance through my employer and my mom (since I'm not married, no kids) knows the detes so that gives me peace knowing they don't have to scramble when the time comes. Great share!

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