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What is a standard term life insurance policy?

Young people rarely think about life insurance, however, it helps save money for various purposes and protect interests in the event of injury. The younger you are when you conclude an endowment life insurance contract, the lower the premiums will be and more money you will get at the end of the term, writes New Indian Express.
What is a standard term life insurance policy?

Term life insurance assumes that the insurer undertakes to pay the beneficiary of the insured, the insurance coverage established by the insurance contract upon death of the insured, and the policyholder undertakes to pay insurance premiums to the company on a regular basis.

If the insured person dies, his heirs will receive the entire insurance coverage within 30 days, regardless of how many contributions he managed to make. If a person is injured as a result of an accident, the insurance claim will be recalculated as a percentage of the final amount.

That is, if you break your arm, you will receive money under the life insurance contract, but this amount will be less than what you are to receive when the contract expires.

The amount and frequency of the premium are established by agreement of the parties - for example, in equal monthly amounts throughout the year. The payment method must be determined when concluding the insurance contract.

An insurance contract is usually concluded for one year with the possibility to be extended. Since the insured has already aged for a year and his state of health might have changed for the worse, the insurer reserves the right to revise certain provisions of the insurance contract and renew it for the next year on different terms, if the policyholder and insured agree to this.

Source: https://www.newindianexpress.com/business/marketing/2021/jan/25/what-is-a-standard-individual-term-life-insurance-policy-2254955.html

Photos are from open sources.

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