Individual Insurance

The second most important insurance-category is the life insurance. People may find the following subcategories: the children’s, the whole life and the temporary life insurance. Talking about the terms, there are many types as well. Level term insurance will provide payout if the insured dies during the contract’s term. This means that the insured amount of money is guaranteed and does not change throughout the term. Decreasing term life insurance serves to protect mortgages. In this kind of policy the insured sum decreases during the insurance-policy. This product is only used to protect mortgage repayments (such as interest rates) on a mortgage. Renewable term insurance has another defining feature, namely renewal on the expiration date without any health review. This can be very useful, as if after a health review an unknown illness is discovered, the policy usually becomes (or would become) much more expensive. Finally, convertible term insurance may be transformed to whole life insurance. Life insurance is somewhat different in that it’s insuring yourself to make particular that your family is well looked after after you’re gone. This will pay them either in a singular pay out and/or monthly installments to help them cope with the financial aria of losing you.