Life Insurance 101 (1)
Life insurance is a type of life insurance. It takes the life of the insured as the subject of insurance, and life insurance is based on the survival or death of the insured. As with any insurance activity, the insured person passes the risk on to the insurer, accepts the conditions of the insurer and pays the insurance premium. Unlike other insurance, life insurance transfers the risk of survival or death of the insured.
Existential meaning
When an insurance accident occurs in the life of the insured, the insurer pays the insurance money. The original life insurance was intended to protect the economic burden caused by unforeseeable deaths. Later, life insurance introduced the savings component, so the insurance company will also pay the agreed insurance to those who still survive the insurance period. gold. Life insurance is a social security system, an insurance business that takes people's lives and bodies for insurance. For everyone, death, old age, disability, illness, etc. are all dangers in life, and we are called personal dangers.
From the perspective of society as a whole, there will always be people who accidentally injure themselves and people who fall ill. Various dangers threaten people's lives at all times, so we must adopt a method to deal with personal dangers, that is to say, to happen Dangerous people and their families
The court grants some financial assistance and life insurance belongs to this method. It is characterized by the formation of insurance contracts, the payment of insurance premiums and the protection of persons participating in insurance, in order to improve the ability to resist risks, to develop family financial plans, build a psychological defense for you and your family, build a world of love, create a bright future.
Life insurance is a noble cause that brings warmth to thousands of households. Life insurance, as a means of investment with insurance and savings functions, is increasingly understood, accepted and loved by people. Life insurance can solve the problems of old age, medical care, accidental injury and other risks for people. People can prepare for old age when they are young, prepare for tomorrow today and prepare the next generation for the next generation. In this way, when an accident occurs, the family can obtain a life guarantee, when they are elderly, they can receive a pension and if they are hospitalized, they can obtain financial security.
classification
Regular life
Term life insurance means that the insured person dies during the period stipulated in the policy and that the beneficiary of the death is entitled to receive insurance. "Term life insurance" This insurance mainly protects the insured against more dangerous short-term work.
Lifetime
Life insurance for life is unplanned death insurance, called "life insurance for life". Insurance liability extends from the time the insurance contract takes effect until the death of the insured. As the death of a person is inevitable, the life insurance premium must eventually be paid to the beneficiary. Because life insurance has a long insurance period, its rate is higher than regular insurance and has the function of saving.
Survival insurance
Survival insurance means that the insured must survive until the end of the insurance period stipulated in the policy to receive insurance money. If the insured dies during the insurance period, he cannot claim the recovery of the insured sums or recover the insurance premiums paid.
Life and death
The combination of two types of insurance, term life insurance and survival insurance. Life and death insurance means that the insured assumes death for the period stipulated in the insurance contract and that the beneficiary receives the premium for death insurance stipulated in the insurance contract. The insured will receive life insurance with the insurance maturity stipulated in the insurance contract. This type of insurance is currently the most common commercial life insurance on the market.
