What Is Life Insurance?

What is included in a life insurance policy?

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    Edward HarrisPRO
    Owner, Best Health And Car Insurance Rates - Instant Online Quotes, US
    Life insurance is a contract between an insurance company and an individual where premiums are paid for a specified death benefit.

    Depending on the type of policy, there  may be dividends, guaranteed cash value, additional riders and conversion options.

    There are many forms of coverage and an experienced broker can explain your best options.
    Answered on May 22, 2013
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    David RacichPRO
    Fountain Hills, Arizona
    Life insurance is was invented in the days of merchant shipping where company’s like Lloyd’s of London insured cargo. Out of property indemnification was born the idea of placing a price tag on people. Sir Edmund Halley, of Halley’s Comet fame, developed the first usable actuarial tables for life insurance. Life insurance is a bi lateral contract between the policy owner and the life insurance company. The discounted dollars of the purchaser buys a leveraged amount of death benefit to indemnify beneficiaries, both domestic and business.
     
    Answered on May 22, 2013
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  3. 530 POINTS
    Ms. Q. Harvelle
    Life Insurance Agent, Brokers Revolution,
    Life insurance is a contract between you (the insured person or policy owner) and an insurance company. The agreement is as follows:
    --The insurance company will pay monetary funds to a family member of your choice when you die
    --You will send the insurance company periodic payments before you die
    The purpose of life insurance is to provide money to your loved ones left behind in order to make final arrangements, replace your lost income, provide money for your child's college education and pay off any outstanding debts such as a mortgage. Life insurance is a way to leverage smaller increments of your money in order to provide for your family once you're gone.
    Answered on May 23, 2013
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    Peggy Mace
    Most of the U.S.
    Ironically, life insurance is insurance that pays money upon the insured person's death. If you buy a life insurance policy upon yourself, you can pick the person or organization that you want the money to go to when you pass away, and it almost always goes to them tax free.
    Answered on April 5, 2016
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