More Life Insurance Artitcles

Considerations When Choosing Life Insurance
Making the decision to buy life insurance can have a lasting effect. Without a life insurance policy your family could suffer great financial hardship when you die. Life insurance is a way to ensure that you can still take care of your family...Read More

Life Insurance Premiums are set to Rise for Overweight Policy Holders
What will this mean for consumers? It will mean that somebody who is a fraction above the stated healthy weight range will end up paying over half more than somebody within the healthy weight ranges. Some overweight consumers have been denied life...Read More

The Different Types of Life Insurance Explained
There are numerous companies existing today that offer life insurance policies. Though the crux of the policy (to ensure a safe and sound life of an individual's survivors as well as to the individual) does not alter yet companies try to differ...Read More

Whole Life Insurance Policy - An Explanation of Terms and Premiums
Whole life insurance is the grand daddy of permanent life insurance. The original design came about to guarantee a death benefit for the whole life of the insured. Most whole life insurance policies endow at age 95. That means that the face amount...Read More

quot Life Insurance quot Should Be quot Death Insurance quot But They d Have A Hard Time Selling The Policies

I ve Got Life Insurance Why Would I Need Critical Illness Cover

I ve got Life Insurance why would I need Critical Illness Cover

Reasons Why You Need Life Insurance

Life Insurance and Critical Illness Insurance Cancer Tests To Increase Women s Premiums

Life Insurance

With life insurance, the insured is transferring the risk of death on to the insurer. It is not always the case that the insured is insuring their own life. Therefore there are three parties in a life insurance contract, the insurer, the insured person, and the owner of the policy. The other vitally important party is the beneficiary; this is the person who receives the insurance money if the insured's death does occur. One or more of these parties could be the same person, for example, if I insure my own life and make my spouse the beneficiary, then I am the insured and the owner. Likewise, if my wife insures my life and makes herself the beneficiary, then she is the owner and the beneficiary.

An important concept in this regard is insurable interest. You must have what is known as an insurable interest in the life of the person you are insuring. Believe it or not there was a practice in the nineteenth century whereby people would take out speculative insurance policies on the life of another.

For example, if I knew you were going on a dangerous voyage, I might take out a life insurance policy on you in the hope that you wouldn't make it and I would get a big payout. These days you cannot insure anybody's life. You must show that you have an interest in that person being alive. You are presumed always to have an interest in the life of your spouse and guardians, if you are a minor, but all other relationships will have to prove the insurable interest. If employers have a very highly valued employee, or sports teams have a star player, or a famous actor contracts to make a film, their employers will be able to insure their lives.

Most life insurance policies will have a suicide clause stating that if the insured commits suicide, usually within a period of two years, the policy will not pay out. There is also a contest period. This will also be approximately two years and if the insured dies within this period, the insurance company has greater rights to investigate the death before deciding whether or not to pay out.

The value of the insurance policy will be subject to the principle of insurable interest also. For example, if your spouse provides you with $10,000 per year in support, you probably will not be able to take a $50 million insurance policy on their life. The premium will be calculated based on the amount to be paid out and the assessed risk of the insured's death.



About the author:

Joseph Kenny is the webmaster of the insurance site http://www.insure121.com/ where you will find information, news and links to the leading providers of insurance in the UK. If you found this article interesting you may find more articles of the same nature in the insurance guide located on site.

Written by: Joseph Kenny

Buy Term Life Insurance Online Some Tips to Make You Smart

Whole Life Insurance Rates

A Case For Life Insurance To Prevent Financial Disaster In Your Life

Seven Things To Consider When Taking Out Life Insurance

Buying Term Life Insurance on the Internet

My Friends All Laughed When I Told Them What I Got My Wife for Valentines Day A Life Insurance Policy

Getting Life Insurance Advice

Cheap Life Insurance
Does cheap life insurance really exist and can you really compare one life insurance product against another? You need to do your home work if you want to get life insurance cheap. According to all of the ads on TV, it should be easy to find cheap...Read More

Mortgage Insurance - Mortgage Life Insurance
Mortgage Insurance . You graduate high school and you enter college. You put in four years of intensive study and you graduate. You find a job that is just perfect for you. You reward yourself for your achievement by splurging a bit. Now it is...Read More

Term Life Insurance - And What Does "Annuitant" Mean?
In the insurance parlance, Annuitant is defined as a person who benefits from a pension or annuity. It can also be said to be a contract with an insurance company which is designed to give payments to the holder of the policy at specified...Read More

Term Life Insurance - What the Heck Does 'Annuitant' Mean?
Few things in life are as complicated - and vital - as life insurance. In many cases, you may think that you need a lawyer present to sort through the jumble of confusing legal terms used in a standard term life insurance quote. You need to...Read More

What you need to know about Life Insurance
It's an unfortunate fact of life, but each of us is going to die someday. In the back of people's minds is that if they buy life insurance, it will somehow hasten their demise. Not smart. And not true. Remember the Boy Scout's motto "Always...Read More

Buy Life Insurance Online and Save!
There are many ways to research and buy a life insurance policy, but the fastest and most affordable way is to buy life insurance online. This way, you can supply the most accurate information and compare the greatest number of different quotes and...Read More

Life Insurance Troubleshooting: Your Policy Problems Answered
While many of us understand the basic functions of our life insurance policies, it’s not uncommon for questions to arise long after you purchased the policy. To help address your policy problems, we’ll answer four of the most common life insurance...Read More

Life Pro Life Insurance Producer Articles
Brand Recognition and Brand Loyalty Kevin Nuber , LifePro's marketing specialist shares his views on the basics of marketing, brand recognition and why brand loyalty is so important in today's consumer world. Basics of Marketing: The...Read More

Term Life Insurance Quote Online – Get Yours Today!
In today’s fast-paced world, we often find it difficult to find a free minute between tending to our own careers and picking the kids up from soccer practice to think about purchasing life insurance – much less actually putting forth the effort to...Read More

Inexpensive Life Insurance To Protect What You ve Earned

Tips for Choosing a Life Insurance Company

Online Life Insurance Protection How Much Do I Need

3 Ways Your Life Insurance Company Is Scamming You

Veteran Universal Life Insurance What Is It And What Are The Advantages

More Life Insurance Artitcles