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Life insurance or life assurance is a contract between the policy owner and the insurer, where the insurer agrees to pay a sum of money upon the occurrence of the insured individual's or individuals' death or other event, such as terminal illness or critical illness. In return, the policy owner agrees to pay a stipulated amount called a premium at regular intervals or in lump sums. There may be designs in some countries where bills and death expenses plus catering for after funeral expenses should be included in Policy Premium. In the United States, the predominant form simply specifies a lump sum to be paid on the insured's demise.

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Wikipedia About Life Insurance

Life insurance or life assurance is a contract between the policy owner and the insurer, where the insurer agrees to pay a sum of money upon the occurrence of the insured individual's or individuals' death or other event, such as terminal illness or critical illness. In return, the policy owner agrees to pay a stipulated amount called a premium at regular intervals or in lump sums. There may be designs in some countries where bills and death expenses plus catering for after funeral expenses should be included in Policy Premium. In the United States, the predominant form simply specifies a lump sum to be paid on the insured's demise.

As with most insurance policies, life insurance is a contract between the insurer and the policy owner whereby a benefit is paid to the designated beneficiaries if an insured event occurs which is covered by the policy.

The value for the policyholder is derived, not from an actual claim event, rather it is the value derived from the 'peace of mind' experienced by the policyholder, due to the negating of adverse financial consequences caused by the death of the Life Assured.

To be a life policy the insured event must be based upon the lives of the people named in the policy.

Insured events that may be covered include:

  • Serious illness

Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; for example claims relating to suicide, fraud, war, riot and civil commotion.

Life-based contracts tend to fall into two major categories:

  • Protection policies - designed to provide a benefit in the event of specified event, typically a lump sum payment. A common form of this design is term insurance.
  • Investment policies - where the main objective is to facilitate the growth of capital by regular or single premiums. Common forms (in the US anyway) are whole life, universal life and variable life policies.

Parties to contract

There is a difference between the insured and the policy owner (policy holder), although the owner and the insured are often the same person. For example, if Joe buys a policy on his own life, he is both the owner and the insured. But if Jane, his wife, buys a policy on Joe's life, she is the owner and he is the insured. The policy owner is the guarantee and he or she will be the person who will pay for the policy. The insured is a participant in the contract, but not necessarily a party to it.

The beneficiary receives policy proceeds upon the insured's death. The owner designates the beneficiary, but the beneficiary is not a party to the policy. The owner can change the beneficiary unless the policy has an irrevocable beneficiary designation. With an irrevocable beneficiary, that beneficiary must agree to any beneficiary changes, policy assignments, or cash value borrowing.

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News about Life Insurance

Insurance company hiring sales personnel

Richmond Times-DispatchMassachusetts Mutual Life Insurance Co. plans to hire up to 40 sales agents in the Richmond area. The local office, at 4880 Sadler Road in Glen Allen, already employs 75 people. The planned hirings are part of a nationwide drive to recruit up to 4,000 people to sell life insurance, disability income insurance and long-term care insurance.http://www.timesdispatch.com/rtd/business/local/article/B-MA...

A.M. Best Downgrades Ratings of Atlanta Life Insurance Company

Business Wire via Yahoo! FinanceOLDWICK, N.J.----A.M. Best Co. has downgraded the financial strength rating to B from B+ and issuer credit rating to "bb+" from "bbb-" for the Atlanta Life Insurance Company . Atlanta Life is the life insurance member of Atlanta Life Financial Group, Inc.http://biz.yahoo.com/bw/090507/20090507005754.html?.v=1

Idaho working families can apply for free insurance

The Idaho StatesmanMassachusetts Mutual Life Insurance Co. and Sage Wealth Management LLC, are giving away free $50,000 term life-insurance policies to benefit children of working families throughout the Boise area.http://idahostatesman.com/life/story/762325.html

The hang glider's life insurance

Kitchener - Waterloo RecordKITCHENER (May 8, 2009) -- In the world of hang gliding, the difference between life and death could come down to a small bundle of nylon.http://news.therecord.com/article/533650

Penalized insurance firm may sell life plans anew

Yehey!PRUDENTIALIFE Plans Inc. hopes to regain its permit to sell life plans after the Securities and Exchange Commission (SEC) revoked its license last month.http://www.yehey.com/news/Article.aspx?id=239418

News about Life Insurance

Philippine AIG unit assures customers despite sale

International Herald TribuneJose Cuisia, president and CEO of Philippine American Life and General Insurance Co., or Philamlife, said AIG has decided to unload the unit to pay off an $85 billion (€61.7 billion) loan extended by the U.S. Federal Reserve Bank during the ongoing ... http://www.iht.com/articles/ap/2008/10/06/business/AS-Philip...

AIG to retain local divisions

News.com.auMr Liddy said AIG planned to retain "a continuing ownership interest in its foreign life insurance operations''. The managing director of AIG's Australian life business, Stuart Harrison, said the parent company's commitment was a vote of confidence ... http://www.news.com.au/business/story/0,27753,24452115-462,0...

China's Ping An to Take $2.3 Billion Loss on Fortis

CNBCPing An Insurance said it would report a loss of about 15.7 billion yuan ($2.3 billion) on its investment in troubled European financial group Fortis . China's second largest life insurer said it would include the impairment loss in its earnings ... http://www.cnbc.com/id/27039766

LIC announces October as Social Security insurance month

Deepika GlobalNashik, Oct 3 (UNI) Life Insurance Corporation of India (LIC) has declared this month as the social security insurance month across the nation, commencing from October one. As part of the programme, LIC will focus on two of its main schemes ... http://www.deepikaglobal.com/ENG5_sub.asp?ccode=ENG5&newscod...

Thompson & Knight Attorney’s Insurance Blog Named Among Top 50 by ...

dBusinessNews.comThese blogsites contain some of the best writing out there on insurance and coverage, catastrophic loss, regulatory compliance, life insurance, health care, and insurance issues in general,” said the LexisNexis Insurance Law Center. “They ... http://dallas.dbusinessnews.com/shownews.php?newsid=167772&t...

Search results for Life Insurance

Guardian Life Insurance Company of America

Guardian Life Insurance Company of America offers a complete line of financial services, insurance products, and investment solutions through our financial representative and ... http://www.guardianlife.com/

Car Insurance Rates - Insure.com gives you Car Insurance Quotes, Life ...

Get car insurance quotes, auto insurance quotes,car crash safety ratings, term life insurance quotes, insurance company ratings, home insurance quotes, health insurance quotes and ... http://www.insure.com/

Life Insurance Canada | Canadian Term Insurance Quotes

Offering Canadians low cost life insurance quotes from over 35 top insurance providers in Canada. Free informational articles. Better Business Bureau Accreditedhttp://www.lifeinsurancequote.com/

Life insurance and Term life insurance | Life Insure

Life insurance quotes and term life insurance quotes available online ... The Insurance Company. A key factor in comparing whole and term life insurance quotes is the company ... http://www.lifeinsure.com/

Compare Term Life Insurance Rates

ENTER YOUR BASIC INFORMATION BELOW and you will immediately see the most comprehensive Term Insurance quotes on the web.http://www.saveoninsurance.com/
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Answers for Life Insurance

livinlifeLife Insurance?livinlifeThere are two types of Insurance; Permanent and Term. Permanent Polcies remain at the same monthly cost for the rest of your life. Term policies remain fixed for a set number of years. After th...Monica SandlerHow do life insurance agencies make their profit?Monica SandlerAgencies make their money from First Year Commissions (FYC) on new policies, and renewal commissions and service fees on policies which have been on the books beyond the first year. If an agent wor...Alice ZWhat exact is whole life insurance, and how do life insurance companies profit from selling it?Alice ZBasically insurance only works when a large groups of people own that particular insurance. Everyone pays to protect their income, but not everyone is going to use their insurance. So that's how basic...Cheshire CatWhat happens to the Life insurance policy if the petitioner gets a death sentences?Cheshire CatI am sure that is one of the exceptions. Right next to suicide is probably the one about "being involved in criminal activity that resulted in death..." Even if it wasn't... it takes up to 20 ye...Ms LWhat is the best life insurance company to work for with great commission?Ms LAllstate is by far the best. They are ranked in the top 50 employers book.
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