Monday, July 11, 2011

Types of Life Insurance - Whenever bring news about the different products on the market, and sometimes we forget that among such a variety of safe, get lost and do not understand what Types of insurance we speak. So we'll start to remember the different types of insurance out there, let's start with life insurance.

This approach has as main purpose the protection of the family or loved ones of the insured in case of death of the author for any reason (illness or accident). Therefore, when the death occurred, the insurer pays the beneficiaries specified in advance by the insured a certain sum in exchange for the premium has been paid.

With life insurance, beneficiaries usually dependent of the insured members may avoid the loss of income that provided for them. Life insurance becomes part of the inheritance.

Types of life insurance risk

Term insurance:
The insurer is obliged by the insurance contract to pay a specified sum if the insured dies within a specified time period, from a few days (one way), several years (between 10 and 20) or until a certain age (65 or 75 years, according to the insurer). But if the insured suffers no wrong during the period, the insurer will not pay compensation. This life insurance has the advantage of being very affordable for people of younger ages, but the downside is that it is very expensive for older people.

Moreover, the premiums or disbursement made ​​by the insured, include:

  • A growing premium, renewable each annuity insurance varies depending on the age acquired by the insured, according to the evolution of their mortality.
  • A level premium or constant, in which the amount has been given to the policyholder in the first years pay a premium higher than that for their age and pay less than that accruing when the passage of time the insurance is more expensive.
  • A decreasing level of premium: Where the main object is to cover the repayment of loans, the beneficiary will be the bank and the insurer covers a capital pending repayment by the insured.
Whole life insurance:
Here the insurer undertakes to pay a capital to the insured's death regardless of the time of death. The consideration may take the form of income or capital. Life insurance guarantees for life the insured contracted. It has a high risk component, but as some delivery also has a savings component.

The purpose of this life is to provide the family or the person named in a capital that can compensate for the loss of revenue due to insured's death, the heirs to provide capital to enable them to meet the expenses of transfer of property or guarantee payment of debts or mortgages without recourse to the rest of the estate.

Premiums or disbursement made ​​by the insured, include:
  • A premium annuity, paid until death
  • A temporary bonus: payment of premiums is made for a specified period (20 or 30 years) but the insurance coverage extends until death occurs.

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