What Is Universal Life Insurance? | Why Buy Life Insurance? | Dr Sanjay Tolani | Jabar Post Indonesia/a> – This time JabarPost.Net will discuss about Life Insurance.
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What Is Universal Life Insurance? | Why Buy Life Insurance? | Dr Sanjay Tolani | 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 and life insurers have diversified their products into retirement products such as annuities.
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.
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Hey guys, here is another animation insurance video. And the topic that I want to share with you guys today is “Universal Life Insurance”.
So, what is Universal Life Insurance? 🤔
Universal life insurance as permanent life insurance with an investment saving element and low premiums like term life insurance. It is one of the favorite products for Estate Planning, Liability Protection, Key Man Insurance or even Business Protection. In it, policyholders have the flexibility to adjust their premiums and get benefits. They can choose to change their premium payment, postpone their premiums and even build cash values in the policy.
The universal life insurance is usually best for people with liabilities and commitments, that are long term but are unaware of how long these commitments and liabilities would be. The flexibility of the policy best suits these people.
Well, what about advantages and disadvantages of Universal Life Insurance? Let’s find out together in this video!
If you like more animation videos like these, comment “Animation insurance videos” and I will try to create more in the upcoming weeks. =)
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