Life
Insurance
What is Insurance?
Insurance is a contract between the policy
holder and the insurance company. The
Company agrees to pay an amount of money on
the death of the policyholder. This is risk
coverage and the amount is paid in the event
of death of the policyholder. The Policy
holder has to pay premiums for the policy he
has taken for a specified period. The amount
along with the interest earned will be
returned to the policyholder on the
completion of the term of the insurance.
What factors to decide to take an insurance
policy?
While taking an insurance policy the
following factors are to be borne in
mind,your health, goals and family history.
Generally insurance is set for an average
period of 20 years, with the fact that it
takes those number of years for your
children to become independent financially.
How are monthly premiums calculated?
Many factors are kept in mind while deciding
the monthly premiums. They are health,
lifestyle etc. These factors determine the
insurability of the person. The policy price
is calculated based on the administrative
costs incurred, funds payable and profit.
The cost of the insurance is calculated
using mortality tables and this is
calculated by the actuaries.
United Kingdom’s Insurance Industry
There are numerous insurance companies in UK
which is offering a wide variety of
insurance products. There is a large user
base of insurance due the number of benefits
it offers. The worldwide acclaimed insurance
companies are offering their services to
those seeking insurance.
There are a number of companies offering
Life Insurance. Major players are Best Deal,
Norwich Union, Low Cost, Direct line,
Standard Life, Marks and Spencer.
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