What is the distinction of life insurance premium and proceeds?
What is the distinction of life insurance premium and proceeds?
Can you give me the core concept of life insurance proceeds? Does it mean when you are entitled to received proceeds, it includes the premium or the amount invested and the interest therein or you are only entitled to receive the amount invested in the company? Please give me a life situation concept so I can understand it well. Many thanks!
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2 Responses
1.31.2010
Life insurance proceeds is just a fancy way to mean "lump sum to be paid up on the insured's death"When you take up a Life Insurance it is like when you buy a sandwich.You choose what to put in it, you ask for it, they'll give it to you and then you pay for it, then you consume it.Life insurance is the same: you choose what terms you like, (eg: Protection policies, Investment policies ) you then ask for it, they'll come up with a contract and a price, you sign the contract which will specify what "proceeds"(how much money) will go to the beneficiary and what the premium will be (how much you pay).You then pay up a specified amount known as a premium at fixed intervals or in lump . Try this site to find the best life insurancehttp://best-life-insurance-usa.blogspot.com/Here you can get quotes from different life insurance companies in your area, its the best way to find an affordable life insurance with a reliable company.
1.31.2010
Ever heard of those people who took out million dollar policies on their spouse then murdered them? That was to get a large lump sum with minimum investment.