The Importance of Health and Life Insurance | Health Fiend

health and life insurance

The Importance of Health and Life Insurance

Life insurance is a contract between an insurance policy holder and an insurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefits) upon the death of the insured person. Depending on the contract, other events such as terminal illness or critical illness may also trigger payment. The policy holder typically pays a premium, either regularly or as a lump sum. Other expenses (such as funeral expenses) are also sometimes included in the premium; however, in Australia for example the predominant form simply specifies a lump sum to be paid on the policy holder death.

The advantage for the policy owner is peace of mind. in knowing that the death of the insured person will not result in financial hardship for loved ones.

Life policies are legal contract... http://insurance-car.ucoz.com/news/health_and_life_insurance/2013-06-26-4081