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Choosing the perfect life insurance policy

Life insurance is a financial security of the insured person, his family members in unforeseen situations. There are various programs that protect against different risks presented on the insurance market.
Choosing the perfect life insurance policy

Risk life insurance

The main reason for buying a life insurance policy is the risk associated with work and business, outdoor activities, or travel. The main current life insurance programs will provide coverage in following cases:

  • accident;
  • citizens traveling abroad, traveling around the country;
  • persons whose profession is associated with increased risk (compulsory insurance);
  • mortgage lending.

Risk life insurance can be individual (personal, for family members - one or more), group (corporate). The indemnity period is from one day to a year. The policy cost is influenced by the set of insurance risks, duration of insurance and other factors.

Mortgage insurance

Life insurance is a bank’s prerequisite for mortgage lending, which often puts the borrower before a choice, whether to get insured or be refused a loan. The mortgage is issued for a long period, during which various events can occur. If the borrower is unable to repay the loan due to illness or death, the bank will have to arrange a forced eviction of the family from the mortgage apartment or house. However, if the borrower’s life is insured, the loan amount will be repaid by the insurance company.

Retirement annuity

Insurance annuity is an umbrella term for all types of retirement and annuity insurance. It means that the policyholder pays a certain amount of money to the life insurance company at once or in installments, and then receives regular return for several years or for life. In simple words, insurance annuity is an insurance value paid in equal installments over a certain period or while a person is alive, that is, the insurance company undertakes to support the person who bought the annuity for his entire life.

Equity life insurance or unit-linked insurance

Investment life insurance is a hybrid of classic endowment life insurance with an investment component in the form of shares in financial instruments, that is, part of the portfolio, at the request of the client, is placed in more risky and potentially profitable financial instruments (for example, mutual funds or ETFs), the composition of which can be periodically changed in the program. Equity life insurance is a cumulative life insurance program for clients who want to take advantage of the rise in the stock market.

Multiple coverage

This is a type of insurance, in which one contract combines insurance against such risks as death, survival, accident, illness, disability, etc. The agreement is concluded for a long term (from five years) in order to accumulate a certain amount of money. The premiums are one-time or regular.


Photos are from open sources.

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