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Nobody likes thinking about life insurance. The last thing you want to think about is what happens to your family when you’re gone. The fact of the matter is, Life Insurance is an integral step of insuring your family’s protection and give your family peace of mind in the case that something unexpected occurs.
As with most insurance policies, life assurance is a contract between the insurer and the policy owner whereby a benefit is paid to the designated Beneficiary (or Beneficiaries) if an insured event occurs which is covered by the policy. To be a life policy the insured event must be based upon life (or lives) of the people named in the policy.
Insured events that may be covered include:
- Sickness
- Accidental death
- Death
Life policies are legal contracts and the terms of the contract describe the limitations of the insured events.
Life based contracts tend to fall into two major categories:
- Protection policies - designed to provide a benefit in the event of specified event, typically a lump sum payment
- Investment policies - where the main objective is to facilitate the growth of capital by regular or single premiums
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