A Brief Explanation Of Life Insurance

09 June 2011 - Which Way To Pay

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A Brief Explanation Of Life Insurance


Life insurance is an insurance taken out by individuals or offered as a benefit by employers which aims to provide security for you and your family’s future.  Should the main provider of your family die, life insurance payments will help protect and care for the remaining family members. Funds are often needed for funeral expenses, to settle unpaid debts, to maintain mortgage payments and a variety of other financial obligations that your family may not otherwise be able to meet.

There are different types of life insurances available depending on the particular needs and circumstances of the individual wishing to be insured. For example, term life insurance policies offer premiums which gradually increase with the age of the policy holder. Variable life policies have set premiums for the duration of the policy and also build up a cash lump sum which can be used during the life of the policy or paid out later.

The cost of a life insurance policy will depend on a number of factors including the age, physical condition and occupation of the policy holder.  Someone employed in a physically dangerous occupation for example, will pay higher premiums than an office worker.  Similarly, a smoker over the age of sixty will pay a higher premium than a non-smoker under the age of thirty.

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