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Premiums and factors that determine them

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Premiums and factors that determine them

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A life insurance premium is the payment you make as your portion of the cost of an insurance policy. Insurance companies use mathematical calculation and statistics to calculate the amount of insurance premiums they charge their clients. Some common factors insurance companies evaluate when calculating your insurance premiums is your age, medical history, life history, and credit score.

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What are beneficiaries and how they receive payment

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What are beneficiaries and how they receive payment

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Upon the death of the policy holder beneficiaries file a claim and then waiting up to 30 to 60 days for the insurance company to pay out.

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Combines the flexible premium and death benefit of universal life with the performance of investment accounts.

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Offers a flexible premium and death benefit. This means you can change the amount you pay.

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You pay a fixed premium (monthly or annual payment) and get a fixed death benefit (the amount of money provided when you die) for life. The policy also accumulates cash value, which you can use during your lifetime.

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Term life insurance or term assurance is life insurance that provides coverage at a fixed rate of payments for a limited period of time, the relevant term.

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Life insurance is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money in exchange for a premium, upon the death of an insured person.

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By, Rachel Kenny