Life insurance

Also known as life assurance or final expense insurance, life insurance is an agreement between an individual and an insurance company. In the agreement, the insurer commits to pay the insured (policy holder) a designated amount of money upon the death of the insured individual. The insured on his part commits to pay premium that will determine the amount that will be paid by the insurer.

The policy basically matures when the insured person dies but in some covers they may make payments in the event of a critical or terminal illness. Other benefits such as funeral arrangements may also be included in the policy. The premiums can be paid in a lump sum or can be split in to monthly payments. The contract will normally contain limitations to the events insured against.


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