Life insurance is a contract between an insured person (the policyholder) and an insurer (the insurance company) where the insurer promises to pay beneficiary/beneficiaries (as identified by the policyholder) a sum of money when the insured person dies. The policyholder pays a premium as stipulated by the insurer over a designated period of time.
Life Insurance is a piece of paper that guarantees that your earning power is not cut off by premature death ,that your family will continue to enjoy life-long comfort and a good standard of living even after your death and the security this gives you provides peace of mind beyond description.
In many ways life insurance is like a friendship in that:
It builds up valuable reserves
It helps you when you need it most
Its are low cost and its rewards are high
It is renewable and sometimes you can borrow from it
It is for the whole of life
The longer you keep the policy, the more valuable it becomes
It provides powerful benefits to families
Whole Life Insurance often serves as the foundation to any plan. A whole life insurance policy covers you for your entire life, not just for a specific period as in term insurance. The primary benefit of whole life is that a payout is guaranteed. A whole life insurance is a contract with level premiums that has both insurance and an investment component. The insurance component pays a stated amount upon the demise of the insured. The investment component accumulates a cash value that the policy holder can withdraw or borrow against. Demlife has several options for whole life insurance which includes participating and non-participating policies. These products are marketed as Super Life Protectors and Super Protectors insurance life plans.
The Final Expenses Plan will ensure that your loved ones have one less worry during their time of mourning.
Life insurance is designed to protect your family and any other person/(s) who depend on you for financial support if you. If you die suddenly, what will happen to your loved ones? How will they survive without your income? If you have life insurance your loved ones will benefit by receiving a lump sum (depending on the value of your policy) upon your death. Even if you have no dependents, life insurance can be beneficial since it can cover your funeral expenses.Therefore, life insurance is protection that anyone can have.
The price for life insurance(the premium) varies depending on the type of policy you have and the value of that policy.