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Life Insurance Quotes

The term ‘Life Insurance’ refers to an agreement between an insurance provider and the policy holder whereby the policy holder pays a certain amount of money at regular intervals and the insurance provider agrees to pay out an agreed sum of money to the policy holder’s dependents (usually family) upon the death of the policy holder.

In some countries, insurance companies have been known to include catering costs for the funeral in their policy agreement, but in the UK the main form of life insurance agreement is to simply have a lump sum paid to the specified party upon the demise of the insured person.

Life insurance policies are legal contracts and the terms mentioned in those contracts describe the events that the insured person will be covered for. There are often circumstances of death that are not covered in a life insurance contract such as war, suicide, riot or civil commotion.

Life based contracts will usually fall into two different categories, protection policies and investment policies. Protection policies are those that provide a benefit to those parties specified in the contract, usually a lump sum, in the event of a specified scenario. Investment policies are where the main objective is to facilitate the growth of capital by regular or single premiums. Common forms (in the US anyway) are whole life, universal life and variable life policies.

The ‘beneficiary’ refers to the person who will receive the policy proceeds (usually a lump sum) upon the death of the insured. The beneficiary can be changed at any time by the policy owner unless an ‘irrevocable beneficiary’ is designated, in which case permission must be gained from the beneficiary regarding any beneficiary changes.

There is a difference between the policy owner and the insured, although they are usually the same person. Say a man takes out an insurance policy on his own life; he is then the policy holder and the insured. However if his wife takes out a policy for his life, then she is the policy holder and he is still the insured.

In cases where policy owner differs from the insured, insurance companies are looking to limit who can take out a policy for who’s life. This is called an ‘insurable interest requirement’ and it means that the person taking out the policy would suffer a genuine loss if the insured should die. This is to stop people taking out policies on people who they expect to die and aren’t particularly concerned if they do or not, and so as not to increase the chances of murder being committed by someone who has taken out a policy for someone, and then intends to kill them to reap the rewards.

As is the case with most general insurance policies, life insurance is a contract between the insurer and the insured where a payment is made to pre-designated parties upon the occurrence of an event covered in the insurance policy, in the case of life insurance, this is usually death.



Life Insurance

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