Leave more than a memory and a few collectibles. Life insurance is a contract between an insured (insurance policyholder) and an insurer (insurance company) , where the insurer promises to pay a designated beneficiary a sum of money (face amount minus any loans plus accumulated interest) upon the death of the insured person. Some contracts include a ‘living benefit’ which can trigger a payment in other circumstances such as a terminal or critical illness. The policy holder typically pays a monthly, quarterly, semi-annual or yearly premium, however, some insurance companies offer a ‘single premium’ type policy where a policyholder pays a lump sum for a specified amount paid up policy.
Life policies are legal contracts and are generally sold as a term contract (generally non-cash value) or permanent (cash value) and are issued by stock or mutual insurance companies. Compare benefits before you buy life insurance.
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