Life insurance is an agreement between an insurance policy holder and an insurer. The insurance company agrees to pay the assured/insured a specified amount of money in exchange for the premium paid, which be could be on a quarterly, monthly or yearly basis.
The policy only matures when the insured dies or reaches specified ages such as 100 years, though. Therefore, it is important for the assured person to consult an insurance advisor before a policy agreement is reached.
Life insurance advisors being specialists help the insured to make the best life insurance decisions by giving specialized guidance and advice useful for investment purposes in various insurance schemes.
Life insurance policies are a legal contract, so, any insincerity to the terms of the insurance contract on the part of the assured will render the contract null and void. (take, for instance, a situation when an insured commits suicide within the specified time, or for such other reasons as misrepresentation).
The whole life insurance policy is sometimes considered to be the best life insurance policy. With a whole life policy in place, there is provision for a lifetime death benefit coverage which, by the way, is noticeably absent in other life insurance policy. Also, the whole life insurance policy enables clients to reclaim reserve funds before death.
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