What is a life assurance policy

Spetner, Types of Life Insurance

As the name implies, this is life insurance for a term, or a set number of years. Most term policies offer a level premium guaranteed for 10/15/20/25 or 30 years. At the end of the term the policy either ends or the premium jumps so high that virtually every policyholder lets the policy lapse. Think of term life insurance as similar to automobile insurance. It covers you in case of an unexpected collision (premature death). If you don’t have a collision (you don’t die during the term period) no benefit is paid out. Term life insurance will almost always give one the most death benefit for the lowest cost. It is best suited for temporary life insurance needs such as: • Family protection...

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Unclaimed life insurance policies

Unclaimed life insurance policies When is a life insurance policy considered to be dormant? The dormancy period depends on whether the life assurance policy has a specified term or not. If the policy has a specified term, it will be considered dormant if the customer has not been in contact with the insurance company for 5 years from the date the policy matured or the company's last communication with the customer, whichever is later. If the policy does not have a specified term, it will be considered to be dormant if there has been no communication between the company and the customer for 15 years. Dormant life assurance policies must be transferred to the Dormant Accounts Fund in April of...

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What is a Life Insurance Policy? - oomph oomph

What is a Life Insurance Policy? A life insurance policy refers to a policy which pays out an agreed lump sum to a specified person in the event of your death (i.e. partner, dependents etc.) The amount in which you will be covered and the length of the policy is agreed with the insurance provider from the outset. For example, if you decide to take out life cover for €450,000 over a 20 year term it can mean that in the unfortunate event of your untimely death, your dependents will receive the amount quoted above from your insurance provider. How important is it to get a life insurance policy? This generally depends on your personal situation. If you are single and have no current dependents...

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How Does Getting Divorced Affect Life Insurance? - Aviva

Divorce is not only an upset for your family – it can throw up unexpected financial difficulties too. If you find yourself in this situation, you'll need to think about how to manage any existing life insurance policies you have – jointly or separately. Here are some of the things you'll want to consider. What happens if you have individual life insurance policies? This process is simplest if you and your ex-partner have single, individual policies – in which case you may not need to make major changes. But you should check that you'll still have the right level of cover following the costs and financial changes of the divorce – especially where there are children in the picture. You might...

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What Are Life Insurance Policy Loans? - Bank on Yourself

Permanent cash value life insurance has living benefits in addition to a death benefit. And one of the most valuable living benefits is the ability to access your equity in the policy—your cash value—by taking a life insurance policy loan. When it comes to life insurance guarantees, more is better than fewer When you’re dealing with your future and your family, more guarantees is better than fewer guarantees. So in this article I’m talking about whole life insurance. Whole life means the policy is one you can keep until you die, even if you live to be 120 years old. (You can’t take out a life insurance loan against a term policy anyway, because term insurance isn’t an asset; it’s simply an...

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What Is Life Insurance? Why Do You Need It? - Direct Line

Life insurance is a way to help protect your loved ones financially, if you were to die during the term of a policy. A good policy will also help your family deal with everyday money worries such as household bills and childcare costs. They will also be covered for mortgage repayments. Many people don’t like to think about this type of insurance, as it means thinking about the inevitable and a lot of the time it sounds more complicated than it really is. Why do I need life insurance? Life insurance is important for people with children, or a partner who relies on their income because of costs, such as a joint mortgage. If you’re in that situation, a life insurance policy could...

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What is the difference between assurance and insurance? - Quora

There is a thin line difference between assurance and insurance. Assurance and insurance have different meaning but people tend to use it interchangeably. When it comes to insurance, it is very important to know the meaning of every technical jargon so that there is no room for confusion. It refers to financial remuneration that will be offered for a covered event. It refers to coverage offered for a limited tenure. Let’s understand this with the help of an example: A term plan is offered for a fixed period of time. In case the policyholder passes away during the policy period, the death benefit is offered to the nominee. On the other hand, in case the policyholder survives the policy...

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