Personal Business and Finance

The US insurance industry is one of the largest and fastest growing of industries in the US and across the globe today due to it’s popularity as an excellent service provider of insurance related products and services.The US insurance products offered can be segregated into two broad sub heads namely life insurance and non life insurance.

Life Insurance is the insurance that covers up your life and is one of the most popular of insurances in demand these days that one wants to apply for. There are various life insurance terms that one could opt for. It could range to anything from 5, 20 to 50 years or more depending upon your requirement. In the US, life insurance refers to a policy on life insurance being purchased by the policy holder from the policy issuer who is mainly the insurance agency, where the latter promises via an agreement to pay a certain sum of money to the family members of the life insurance policy holder in the event of his or her death or a terminal illness. The money is accumulated by the policy holder paying sums of money as premiums to life insurance at regular intervals or in a bulk. Though there are some countries that also include payment of funeral charges etc in a life insurance policy upon the death of the policy holder, US insurance agencies stick to paying off the entire amount which has been stored as premiums on the death of the policy holder. The beneficiaries mentioned in the policy holder life insurance policy will only receive the amount on the policy holder’s death. The beneficiaries may change during the policy period depending on circumstances.

The life insurance policies have often faced people with dilemma regarding cases of suicide and murder. Often it has occurred that beneficiaries have gone to the level of murdering a policy holder in order to acquire cash out of greed. However life insurance providers these days have become extra careful to ensure that the money does not fall into the hands of the evil doers. US insurance agencies have been extra careful regarding this stating that contestability period cannot be longer than two years. If the insured expires in this period only then will the insurer get legal rights to be able to claim.

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