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Life Insurance - Research Paper Example

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Life Insurance Name University Name I. Introduction: Life insurance is defined as a contract between the insurer and the owner of the policy where a reimbursement is agreed from the insurer to the policy owner in case of any accidental death or critical illness happens with the policy owner…
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Download file to see previous pages , n.d.). The need for life insurance arises to obtain a form of financial protection against accidental incidents or deaths for which individuals are not always prepared. If insurance is ready, through payments of the premiums, then in cases of accidental deaths or incidents, individuals can be insured. Life insurances provide benefits for deaths or critical illnesses, for financial interests of individuals and family, for insurances at different stages of life, plans for retirements, loan facilities, as well as with benefits of tax payments (Why life insurance?, n.d.). The two main types of insurance are the whole life insurance and term life insurance where the whole life insurance offers for permanent insurance and term life insurance offers for insurance for certain terms or period of time (Magni, 2013). The present study discusses about life insurance with particular focus on the differences between whole life insurance and term life insurance and trying to determine which is better, also having an understanding of the relationship of the insurance with economic situation. II. Discussion: Term Life Insurance: Meaning: Term life insurance is defined as the policy of life insurance whose coverage period for the insurance has a set duration limit. On expiry of the policy the owner of the policy can decide on either renewing the policy or to end the coverage of the insurance plan. The benefits associated with such insurances are mainly limited up to the death of the policy owner. However in order to obtain the benefits of the plan, the death of the owner is necessary to occur within the time limit set by the term life insurance. If such time limit is passed and nothing happens to the individual, the owner does not receive any benefits from the insurance. Thus term life insurance do not provide with any savings from the investments that the policy owner makes for the insurance (Term Life Insurance, 2013). Universal Policy of Life Insurance: The universal policy of life insurance reflects that a flexible permanent life insurance is offered to the owner of the policy that requires the individual to make low cost protection payments to the insurer and also in turn obtains a savings from the insurance plan. Thus a cash value buildup is possible with the investment of this type of insurance. With the universal policy of life insurance, the owner of the policy is capable of using his interest that he gains from his savings in order to pay the premiums for the insurance. The universal policy of life insurance was initiated considering the need for more flexibility for the owners of the policy as the policy allows shifting of the invested money between the insurance and the savings from the plans. Premiums of these plans are variable and are divided into insurance and savings by the companies offering the insurances. Thus the owner of the policies is allowed to make adjustments between their payments depending upon the different circumstances that they belong to (Universal Life Insurance, 2013). Thus the most essential benefit of the universal policy of life insurance is its flexibility along with the permanent insurance it offers to the policy owners. It enables the policy owners to adjust depending upon their needs and conditions. Based on the policy, an interest is earned from the cash value of the insurance. This interest is based on the ...Download file to see next pagesRead More
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