Life and health insurance is an integral part of the insurance history. These types of insurance were the first to become widespread in the world market. Life and health insurance covers all areas of our activities and can be used for various life situations in which we can find ourselves.
This type of insurance has many classifications and applies to medical care, investment savings, or insurance against accidents or serious diseases.
Depending on the policy type, insurance coverage can be provided both in the form of a cash payment and the organization of free medical treatment and care.
Term life insurance provides protection for a certain period of time. If the insured does not live up to the expiration of the contract, the beneficiary receives the insurance payment. If the client survives safely until the end of the program, the insurance cover is terminated, and all paid premiums remain at the insurer’s disposal.
The main current term life insurance programs will cover the following:
Accident;
People traveling abroad or within the country;
Persons whose professions are associated with increased risk (compulsory insurance).
Term life insurance can be individual (personal, for family members - one or more), group (corporate). The validity period is from one day to a year.
Source: https://www.wionews.com/business-economy/insurance-and-you-why-and-when-should-you-buy-it-477303
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