Life Insurance

What are the principal types of life insurance?

There are two main types of life insurance:

Term life insurance that lasts for a set number of years and

Permanent life insurance that lasts through your entire life

How Does Life Insurance Work?

Policy – the contract between you and the insurance company
Premiums – the monthly or yearly payments you make to own the insurance policy
Policyholder – the owner of the policy, which would normally be you (the one insured), but you could buy a policy for another person
Death Benefit – the money given out when you die
Beneficiaries – the people you choose to receive the death benefit of your policy (like your spouse or children, but it can be anyone you name)

This is what insurance providers will look at when they’re working out your life insurance premium:

Age
Gender
Personal and family medical history
Weight
If you smoke
If your lifestyle includes risky hobbies like skydiving, shark wrestling and the like
If you regularly travel to dangerous parts of the world

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