Types of Life Insurance
Term Life Insurance is the most cheapest and simple products that are offered by insurance companies.
Life Insurance is the first level or foundation of financial security. Life Insurance is a contract between you and an Insurance company. The insurance company will promise to pay a designated beneficiary a sum of money which are benefits upon the death of the insured person. Depending on the contract, benefits can also be triggered by events such as terminal illness or critical illness diagnosis. The policy holder agrees to pay a premium, and the insurance company promises to pay the benefits.
The most common exclusions from liability of claims are suicide, fraud, war, riot, and civil commotion. Premiums can be applied either monthly, quarterly, semi annual or annually.