There are two main types of life insurance. The first and simplest is called TERM. It is essentially non-refundable death insurance payments paid on a monthly basis. The payment amount depends on the insurance amount and age of the insured. Within 10 years from the moment of the beginning of the insurance, the payment amount is the same, then in each subsequent decade the payment increases by a certain amount.
When a person reaches the age of 75, this insurance will automatically terminate. If the person has not died before this age, then all the money paid to him will irrevocably become the property of the insurance company. Accordingly, if the person dies before reaching this age, then the insurance premium in the assigned amount is paid to his heirs. In the event of monthly payment suspension, this policy will also automatically terminate. This type of insurance is in demand due to its relatively low price.
The second type of insurance is called WHOLE LIFE (accumulative). The money paid by a person goes to the account of his policies, accumulates there, and in the event of a person's death, it is given to the heirs along with interest (on average, 6-8% per annum) and the insurance coverage. The particularity of this type of insurance is that the amount of the monthly payment is determined once at the conclusion of the contract depending on the insurance amount and age of the person, and does not change subsequently.
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