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Insurance Pages Directory
» Life Insurance
Life Insurance Online Directory: This is the Life Insurance directory of Insurance Pages Online. The Life Insurance Pages Online Directory provides information on Life Insurance, Life Insurance quotes, and different life insurance options available. The directory includes edited listings of websites related to life insurance.
 Before Life Insurance?
Life insurance is the largest form of personal insurance, and sometimes is referred to as Life Assurance. In essence it is an agreement between an insurance company and the insured person - the policy holder - that in return for payment of the insurance premiums, the insurance company will pay the amount of coverage to the designated survivors or heirs, also known as the beneficiary or beneficiaries. There are many types of life insurance and selecting the plan and coverage amount that is best for a particular individual can be complicated. It is advisable to consult with one or more insurance professionals in making the decision and to do internet research, such as from the insurance related websites listed below.
A number of factors go into determining the level of premiums on a life insurance policy. Largely the premium depends on the type of insurance coverage and on actuarial mortality statistics. The factors, including factors that go into determining actuarial mortality statistics, include:
- The type of life insurance. For example, term insurance can be less expensive than whole life insurance, but the characteristics of the policies are different. The different types of life insurance are discussed in greater detail below
- The amount of coverage.
- Age of the insured person
- Place of residence
- Occupation of insured
- Health of the insured and health history
- Is the insured a smoker?
- History of drugs or violence?
- Gender - statistically women live longer than men
Traditionally life insurance is divided into term and whole life insurance. The modern era has seen the emergence of new categories, the most widespread being:
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- Whole Life Insurance: an investment type of policy, involving a premium payment, a portion of which goes to insured risk, a portion as profit for the insurance company and a portion goes to investment or savings. Although the insurance company generally can achieve a minimum rate of return on the investment or savings portion of the policy, frequently it is lower than for other alternative investments. There also is a guaranteed payout to the beneficiaries as the death benefit. The premiums for whole life are much higher than for term insurance. However term life is a form of permanent insurance, which stays in effect so long as premiums are paid.
- Term Life Insurance: Term life insurance is the most common type of life insurance. Although the premiums are relatively lower than for other types of insurance, a disadvantage is there is no savings component. In other words, term is purely insurance. The primary elements of term insurance are the term, I.e. how long the insurance is in effect, the premium, and the death benefit. Because the term insurance is for a defined term, it is a temporary type of insurance.
- Universal Life Insurance: This is a newer plan developed in recent years, to provide permanent insurance, with a potentially higher rate of return than whole life coverage. Like term insurance, there is a savings portion, risk expense portion and a guaranteed death benefit. Flexibility comes in if the interest earned is higher than the guaranteed minimum, the amount or premiums can be reduced.
- Limited Pay Life Insurance: Premiums are paid over a specified period of time, such as 10 or 20 years and then are no longer due, but the insurance remains in force.
- Endowment Policy: In an endowment life insurance policy, the savings built up is planned to equal the face amount, I.e. death benefit, at a specified time. This is known as the endowment age. Because of this, the premiums for endowment policies tend to be higher than for similar death benefits compared to the other types of life insurance available. The endowment is paid out after a specified time or age, regardless of whether the insured person remains alive. In that respect it has similarities to annuities.
- Accidental Death Insurance: This is a life insurance policy in which the death benefit is only paid in the event death of the insured occurs by defined types of accidents. Because of this, they rarely pay out, but also are less expensive than other types of life insurance.
The Life Insurance Directory provides listings of online life insurance pages and websites related to different types of life insurance, some providing life insurance quotes, for such forms of coverage as term life insurance, whole life insurance, universal life insurance, accidental life insurance, endowments, annuities and so on.
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Fri, 30 Jul 2010 21:05:16 GMT+00:00 |
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