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Various types life insurance you may require

Life insurance – which is also sometimes referred to as life assurance – takes the form of a contract deal between whoever issues the policy itself (the insurer) and the policy owner.

It is an agreement in which the insurer will pay a pre-determined amount or sum of money in the unfortunate event of the policy owner or holder's demise (read: death). However, in some cases the insurer may have to pay if some other – yet similar – unfortunate happenstance occurs, such as diagnosis of terminal or critical illness on behalf of the policy holder.

In return for this insurance – or assurance – of payment, the policy holder thereby agrees to pay the insurance premiums, either in the form of lump sums or designated regular payments, such as monthly premiums. It functions in a manner similar to that of other insurance policies (e.g. vehicle or home insurance) in that it is a contract purely between the policy holder and the insurer themselves and that a designated sum is paid out to certain beneficiaries if an event that is insured against happens to occur (with the "insured against" aspect of the policy being incredibly important, as if it is not covered in or by the policy, then it is not insured against and whilst the event may be unfortunate, a payout will not take place).

As with any contracts or insurance policies, life insurance policies happen to occur in many different types and styles, with each offering different characteristics depending on the policy type. However, life insurance policies typically fall into one of two main categories, the first being investment policies, which have their capital grow over a period of time by having the policy holder pay premiums, either in single lump sums or by the aforementioned regular premium payment method. The second form that most life insurance policies take is that of the protection policy, which are designed specifically to provide the insurance payout to a beneficiary in the event of a certain specified event and is typically paid in just a single lump sum, thus "protecting" the insurance holder in case of an emergency.

If we seek to further divide the various types of life insurance on offer, then you will find that there are another two classes of subcategory that you might find a life insurance policy in. Firstly, there are policies known as temporary term insurance, secondly there are insurance policies known as permanent life insurance policies. In effect, you basically have two forms of life insurance: temporary and permanent.

Temporary term insurance basically provides insurance or assurance for the policy holder merely for a specified length of time (typically given in years) in return for a pre-designated insurance premium. This form of life insurance policy does not accumulate cash value and is typically considered by many to be the most neat and pure form of life insurance in that in exchange for the premium, you get protection in the event of death and nothing else, so it is essentially life insurance that does what it say on the tin: insure for life, against death – but only for a specified term of years.

In order to get any sort of life insurance you must obtain quotes to compare. APH can assist in the delivery of life insurance quotes by using the quote system on the website. There will be many different types of quotes for you to make your own comparison as every policy is different.

Permanent life insurance is also exactly as it sounds, chiefly a form of life insurance that stays effective (or in effect) until the policy itself runs out for whatever reason. However, the policy may prematurely come to a close if the policy holder fails to keep up with the designated premiums, thus resulting in the collapse of the policy. This type of insurance – unlike the aforementioned temporary term insurance – has the added benefit of actually accumulating and building up a cash value, which subsequently reduces what is at stake on behalf of the insurer and thus the overall insurance expense, over time.

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