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Life insurance (or life assurance, especially in the Commonwealth of Nations) 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 upon the death of an insured person (often the policyholder). Depending on the contract, other events such as terminal ...
Whole life insurance. Whole life insurance, or whole of life assurance (in the Commonwealth of Nations ), sometimes called "straight life" or "ordinary life", is a life insurance policy which is guaranteed to remain in force for the insured's entire lifetime, provided required premiums are paid, or to the maturity date. [ 1]
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. After that period expires, coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments or conditions.
Private placement life insurance is a form of cash value universal life insurance that is offered privately, rather than through a public offering. [1] It is typically only available to wealthy clients. A 2024 US Senate report alleged that the insurance mechanism in practice functions as a tool for tax avoidance, specifically for inheritance ...
Typically, you cannot apply for a life insurance policy if you are in the process of facing felony charges. Most insurance companies will require you to wait until the trial ends or the case is ...
Universal life insurance. Universal life insurance (often shortened to UL) is a type of cash value [ 1] life insurance, sold primarily in the United States. Under the terms of the policy, the excess of premium payments above the current cost of insurance is credited to the cash value of the policy, which is credited each month with interest ...
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