Life Insurance

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  • Life insurance provides a financial safety net in the event of death. It is a policy between an owner and an insurer, whereby benefits are paid to benefactors upon the death of the owner. A yearly premium is paid to maintain a life insurance policy. The rates for premiums vary on an individual basis and are determined by age, gender, health, and engagement in high-risk activities.

  • Background

    There are many types of life insurance policies, including: universal, whole, accidental death, limited pay and more. Life insurance is best suited towards those who are at high-risk for death, those that are financial cornerstones in a family or business, and those who need the peace of mind.http://www.mahalo.com/how-to-determine-if-you-need-life-insurance .

    In the U.S., life insurance is typically a for-profit business, and there are more than 2,300 companies. The total assets of U.S. life insurance companies was about $1.4 trillion in 1990.http://www-wds.worldbank.org/external/default/WDSContentServer/IW3P/IB/1992/02/01/000009265_3961002085613/Rendered/PDF/multi_page.pdf . On average, life insurance payments comprise about 2% of disposable income in the U.S. In 2009, six life insurers were bailed out in the U.S. economic crisis: Allstate, Ameriprise, Hartford, Lincoln National, Principal Financial, and Prudential.http://www.cnn.com/2009/POLITICS/05/15/bailout.insurers/index.html

    Disclaimer

    The content in this page is not a substitute for professional financial advice. Please contact your financial adviser before using the information presented here.

  • Uses

    • To provide a financial safety net
    • To offer peace of mind
    • To generate revenues and profits for insurance companies

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