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 (or policy payer)
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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