This is a type of insurance that guarantees payment of a specific sum to the policy's beneficiaries in the event of the death of the policyholder, and as long as any of the contingencies established in the policy exist.
Life insurance products may also include coverage for disability or serious illness, so that the policyholder will receive financial compensation if any of the situations described in the insurance contract occur.
Key elements of a life insurance policy include:
- The insurer: this is the company that is obligated to pay the compensation.
- The policy holder: this is the person who pays the premium.
- The premium: this is the price or cost of the insurance.
- The insured: in the event of the death of the policyholder or under certain other circumstances, the insurer must pay a specific sum to the beneficiary, or else periodic income or other agreed-upon benefits.
What is life insurance?
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