Life Insurance Information

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When you fist investigate taking out a life insurance policy to cover yourself as the beneficiary or your wife and family as the beneficiaries all the legal ‘mumbo-jumbo’ can seem daunting. Here is a very brief explanation of some of the more common insurance classes that are used in Australia and most other countries around the world.

Please be aware that each country has their own insurance statutes and laws and each insurance company have their own laws and by-laws governing all types of insurance policies in line with the country in which the insurance policy is applicable and then each company also has their own terms and Conditions applicable to each insurance policy.

When you take out any type of insurance policy it is important that you make yourself fully aware of what all the terms and conditions are within the cooling off period now required by law in many countries.

The Main classes of Life Assurance are as follows:

Whole of Life Policies: With this type of policy it is for the whole of life and is only payable on the death of the person whose life has been assured.

Endowment Policies: This policy is for the sum assured and is payable upon the attainment of a certain age or upon the death of the person assured. Sometimes this policy has been taken out with bonuses attached.

Term Policies: A term life insurance policy is probably the most common policy in operation in Australia today and it is for the sum assured and can sometimes come with bonuses attached. This policy is payable upon the death of the person whose life is assured if they don’t reach the attainment of a certain designated age. No money is payable if the person whose life is assured reaches that age.

Annuity Policies: Payments are set to be made at regulated intervals of monthly, quarterly, half-yearly or annually.

With an Annuity insurance policy like the above, this can be mortgaged and used as collateral if hard-times strike. The person who owns the policy still needs to keep making any payments due on the policy to stop the policy from lapsing even though it has been assigned to the person(s) making the loan. Once this loan has been repaid then the life insurance policy reverts to the original beneficiary.

Do you know enough to get the best deal if you sell a structured settlement to a Stockbroker or other financial institution? If not then read this at now.

Author: Jan Smith
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