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Finance & Accounting
Pages 10 (2510 words)
Life Insurance Name University Name I. Introduction: Life insurance is defined as a contract between the insurer and the owner of the policy where a reimbursement is agreed from the insurer to the policy owner in case of any accidental death or critical illness happens with the policy owner.
, n.d.). The need for life insurance arises to obtain a form of financial protection against accidental incidents or deaths for which individuals are not always prepared. If insurance is ready, through payments of the premiums, then in cases of accidental deaths or incidents, individuals can be insured. Life insurances provide benefits for deaths or critical illnesses, for financial interests of individuals and family, for insurances at different stages of life, plans for retirements, loan facilities, as well as with benefits of tax payments (Why life insurance?, n.d.). The two main types of insurance are the whole life insurance and term life insurance where the whole life insurance offers for permanent insurance and term life insurance offers for insurance for certain terms or period of time (Magni, 2013). The present study discusses about life insurance with particular focus on the differences between whole life insurance and term life insurance and trying to determine which is better, also having an understanding of the relationship of the insurance with economic situation. II. Discussion: Term Life Insurance: Meaning: Term life insurance is defined as the policy of life insurance whose coverage period for the insurance has a set duration limit. ...
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