Chef Tomislav Blogs

A Life Insurance is a contract wherein the insuring company agreed to pay the beneficiaries of the insured person a fixed amount upon his death.  In exchange for this, the insured has agreed to pay the agreed payment monthly.  This agreed payment made by the insured is called premium.  He or she should pay this premium either monthly, quarterly, or annually.

The term life insurance is also known as life assurance and Life Cover. It offers different types of life insurance cover like a Mortgage Cover, critical cover or an accidental cover.  It also includes several types of contracts that cater different needs and offer different cover levels.

It is also important that you know the difference between an investment-type life insurance and the protection-only life insurance. A protection-only life insurance covers the insured for a specified time.  But if the insured died after the designated period, his family will not receive any payment from the insurance company.  While investment-type insurance will not just payout in the event of the insured person’s death but will also accumulate the insurance value during the lifetime of the insured.