Life
Assurance
Life assurance, also known as life insurance, is a financial product that provides protection and financial support to individuals and their families in the event of the insured person's death.
Here's how life assurance typically works:
Policyholder
The individual seeking life assurance purchases a policy from an insurance company. They are usually required to pay regular premiums to keep the policy active.
Death Benefit
In the event of the policyholder's death during the term of the policy, the insurance company pays out a predetermined amount of money called the death benefit or sum assured.
Beneficiaries
The policyholder designates one or more beneficiaries who will receive the death benefit upon their passing.
Policy Terms
Life assurance policies can have different terms and conditions. They can be for a specific term or for the entire lifetime of the policyholder.
Premiums
Policyholders are required to pay regular premiums to keep the policy active.
Policy Options
Life assurance policies can have different options, such as term life insurance, whole life insurance, and more.
Underwriting
Insurance companies evaluate the applicant's risk factors through underwriting before issuing a policy.
It']s important to carefully review the terms and conditions of a life assurance policy before purchasing to understand its coverage, limitations, and any exclusions that may apply.
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