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Life insurance products offer several benefits. So, those are some examples of life insurance products that you need to know before you can consider them. what are you curious about? Consider the following examples of life insurance products.
What are some examples of life insurance products?
1. Term Life insurance
An example of a life insurance product that provides security services for a certain period of time is known as the policy period. This policy benefit is only given if:
The insured dies within the specified period, a
Insurance is still valid (effective) after the death of the policyholder.
If the policyholder is still alive at the end of the term, the policy is handed over to the policyholder for continuation of the policy. If the policyholder does not maintain insurance, then the insurance ends and the insurer is not obliged to provide additional insurance. There are several types of life insurance, including:
Multilevel life insurance, which is a type of insurance that provides death benefits in a certain amount during a certain policy period.
Disability life insurance that provides protection mandates in the event of death whose value decreases during the term of the policy. The benefits of this policy start with a certain sum insured, after which it is deducted by the sum insured for a certain period of the policy in a manner appropriate to the policy.
An ongoing life insurance policy that provides protection in the event of death against a certain percentage increase in value at predetermined intervals during the life of the policy.
2. Whole life insurance
This life insurance product has two features, namely:
Provide lifetime guarantee to policyholders as long as the policy is still valid (in force) a
Offer insurance coverage and separate it into a savings component.
The types of life insurance are:
Traditional whole life insurance
Is a type of insurance that provides lifetime protection with a fixed premium that does not increase with age.
Second Dead Life Insurance
This is an example of a combined life insurance product where benefits are provided only if both policyholders die. This life insurance premium must be paid only until the death of the first or second insured. This type of insurance is specifically designed to provide guaranteed protection for spouses who wish to have financial protection to pay property taxes that will be withheld after their death.
Lifetime co-life insurance
Several features of this policy offer benefits similar to whole life insurance for individuals, except that it covers two individuals or lives. If the previous product was called third party life insurance, this product is often called first death life insurance because the premium is paid when one of the policyholders dies. Other insureds who are still alive are paid death benefits in accordance with the insurance contract until the end of the insurance period.
3. capital insurance
Is a type of insurance that provides certain benefits to the insured until the end of the policy period or until his death during the specified policy period. Every endowment life insurance policy has an expiration date, which is the date on which the insurance company pays it to the surviving policyholders. The time limit is at the end of the specified period or when the insured reaches the specified age.
4. DriveLink Insurance
The last example of a life insurance product is investment insurance, which combines the concept of insurance with the concept of investment. The monthly insurance premium paid by the policyholder is added to the basic insurance premium for investment management and protection. Each award is supported by an organization that specializes in its field. By buying investment products, policyholders get protection and returns on their invested capital.
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