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The Features And Objects Of Life Insurance - Concept Of Life Insurance
By Jason Uvios
Life is full of unpredictable events and one never knows when death will cut short one's life. That is why the concept of life insurance has been developed. Life insurance policy aims to offer financial protection to the people dependent on an earning person from the financial losses such people would incur in the event of such person's death.
Working of life insurance
Life insurance works as a contract between the life insurance policy owner and the insurer. The insurer agrees to pay a sum of money in the event of the death of the insured while the policy owner i.e. the insured person agrees to pay a stipulated amount as premium at regular intervals.
Life insurance types
Owing to its association with investments, retirement plans and real estate related plans the life insurance policy has come to be regarded as a fundamental part of sound financial. In recent times, various life insurance product types have become available. Each of these is designed to suit certain unique circumstances. The individual needs are sought to be satisfied by the different kinds of insurance products.
Among the various life insurance types two main types feature prominently. These are the term insurance and the whole life insurance. The term insurance does not accumulate cash value. It is issued aiming at covering the life of the insured person for a certain specific period of time. The whole life insurance, on the other hand, does accumulate cash value. These are issued with the objective of covering the insured persons throughout their lives.
Life insurance policy rights
There are several rights associated with the life insurance policy. The owner of the insurance policy is the person who is entitled to exercise the rights during the lifetime of the insured. The common rights which the life insurance policy comprises of are designation of the beneficiary, selection of settlement options, assigning of policy benefits, transfer of ownership, making of policy loans and exercising policy of cash surrender.
Purpose of life insurance policy
The main purpose of life insurance policy is to provide (financial) security to one's dependents in the event of one's death. The insurance protects the family of the person insured from being ruined due to financial crisis. It helps out in two ways. Firstly, it protects one's dependents with monetary
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assistance for meeting or settling one's financial obligations. And secondly, it provides the necessary funds to cover the loss of income to family members and dependents resulting from one's death. Free Article brought to YOU by ArticlesOn.com, where you'll find Articles On Everything! Visit http://articleson.com to get more free content. Jason Uvios writes about on The features and objects of life insurance - Concept of life insurance to visit :- life insurance
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