Life insurance is a means for providing financial protection for your family in the event of your death. A life insurance contract is relatively straightforward; you agree to pay a premium at regular intervals, and the insurance company agrees to pay a certain sum of money to your beneficiary upon your death.
There are three parties to a life insurance contract. First, there is the insured. This is the person whose life is being insured under the policy. Next, there is the insurer. The insurer is the insurance company who underwrites the risk. And third, there is the owner. The owner and insured are not necessarily one and the same. Someone can buy a life insurance policy to insure the life of someone else, such as their spouse.
The person who buys the policy is the owner, and the person whose life the policy is based on is the insured. When the owner and the insured are different people, premium payments are the responsibility of the owner.
Every life insurance contract also has a beneficiary. This is the person who receives the proceeds from the policy in the event of the death of the insured, and is assigned by the owner. There are two types. An irrevocable beneficiary can not be changed unless the beneficiary gives his or her permission; if it is revocable, the owner can change it at any time.
The policy is subject to certain terms and conditions. There are usually certain exclusions that apply, depending on the person being insured. But with almost every policy, death as the result of suicide during the first two years of the policy term is excluded from coverage.
Also, during the first two years of the policy, often referred to as the contestable period, the insurance company retains the right to not immediately pay out, even if the death is caused by a condition that is covered in the policy. The company can order an investigation into the death of the insured, to make sure that the death was not deliberate or the result of homicide.
The amount paid to the beneficiary is called the face amount. The maturity date is reached upon either the date when the insured deceases or reaches a certain age. Life insurance is most often used to provide income protection to the spouse of the deceased.
Regardless of the reason for buying the insurance, the owner (if not the same person as the insured), must have an insurable interest. In other words, the owner of the contract must have a reason for wanting to insure the life of that person, otherwise the contract is void.
When the person covered by the policy dies, the insurance company requires proof of death before paying the claim. A notarized death certificate is the most commonly accepted form of proof. The benefit is paid out either as a lump sum or as an annuity that is paid out over time.
Any annuity can be a good way to receive the benefits. It is possible for the beneficiary to set up a lifetime annuity, which would guarantee that person a certain amount of monthly income for the rest of his or her life.
There are two basic types of life insurance, temporary and permanent. Temporary insurance is known as term life. An example of a term policy would be a 20-year term life, which means that the policy will pay a death benefit if the person dies within the next twenty years.
Permanent insurance includes whole life and universal life. Whole life provides for a payout no matter when the person dies, but premiums have to continue to be paid, usually right up until the insured reaches the age of 100. Universal policies are somewhat similar, but they allow for greater premium flexibility. Universal insurance is somewhat complicated; you should talk to an agent before buying it.
I hope this information has helped you become acquainted with life insurance. You should sit down with your spouse and talk about buying a policy. Then, call an agent who works for an insurance company with a strong financial rating and make an appointment to discuss your objectives. Use the information that was presented here to help you make intelligent choices so your family will be protected in the event that something happens to you.
A Course In Life
Using some form of self-sabotage is a behavior we use either consciously or unconsciously many times in our lives? We have to ask ourselves why we do this; although most of the time people are not really aware of the reason they are sabotaging themselves unless they get very honest with themselves. Although it is preventing them from being successful with what they say they want such as being in a home business---they still continue this destructive behavior. For some unconscious reason they are afraid of succeeding. Therefore, it is important that we look at some of the reasons self-sabotage happens and then look at some of the solutions to stop it immediately.
First of all, let's talk about your past. Are you a captive of your past? Or, have you released the past and liberated yourself from its hold on you? When you refuse to allow your history to imprison you, you choose a path of self-determination. Letting go of the past is your personal "declaration of independence" from anything in your earlier years that could limit your creative potential or prevent you from living your best life right now.
How can you tell if past events are still having a negative effect on you today and three signs to look for:
1. When certain situations trigger extreme, out-of-control emotional reactions. It feels as if you go on "auto-pilot" and have little or no control over the way you feel or behave once certain internal buttons have been pushed. For example, Marta trembles with fear at the thought of asserting herself with her boss, who overburdens Marta with an excessive workload. Joe goes into a rage when he believes he is being accused of making an error, however insignificant. Ben is consumed with jealousy when he catches his girlfriend smiling at a stranger.
2. All of the logical solutions and practical approaches to changing your out-of-control reactions have failed. Your head may say, "This is ridiculous"! However, you just can't stop yourself from over-reacting with anger, sadness, fear, shame, guilt, or jealousy to a situation that just doesn't merit that kind of emotional energy. This where the character trait of ?SELF-CONTROL? should be used!
3. You keep making the same unhealthy choices over and over again. Although you may vow that you are going to set a new course, your default mode is set on self-destruct. This is preventing you from
?changing the course of your life?. You can't seem to keep yourself from repeating the same mistakes-even though you know better. Elizabeth continues to have relationships with married men, despite of years of heartache from other married lovers. Mark lies to his manager and coworkers, although that behavior led to Mark's dismissal from his last two jobs. What can you do if you are under the negative spell of your past?
Here are some steps you can take which will neutralize the effect that the past has on you:
1. Reclaim your power by refusing to think of yourself as a ?victim?. This does not mean you deny the bad things that have happened to you. Rather, it means you embrace your wholeness rather than your brokenness. Everything you have lived has strengthened your psychological immune system. Recognize your capacity to thrive in spite of the hardships that have come your way, and watch your life begin to mirror your more empowered sense of Self.
2. Retire your need to blame anyone-including yourself for your present unhappiness. Blaming ?someone or a situation? only weighs you down with unnecessary baggage that inhibits you from moving forward. Release blaming anyone for your negative reactions and take personal responsibility for ?your issue?, and make a commitment o heal yourself.
3. Forgive yourself for your mistakes. Everybody makes them; therefore, that's how we learn. Stop berating yourself with your so-called failures and use that extra energy to create the life you desire today.
4. Make peace with your past. If certain unpleasant memories still hold a high degree of emotional charge, let a qualified therapist assist you in healing those wounds to loosen the psychological hold those traumatic episodes have on you.
5. Change the thoughts you entertain about yourself. Monitor your mental mindset to avoid habitual, self-limiting ways of thinking. When you catch yourself engaging in old thought patterns like, "I don't deserve to be happy" or "I'm not good enough," deliberately choose new thoughts that feel better to you.
6. Stop using your past as a point of comparison to your present and future. No matter what you have lived before,
?TODAY? can be different. Instead of focusing on how your life has been, place your attention on how you want your life to be. Keep your eye on the road ahead rather than the one behind you, and watch your life take you to the places you have dreamed of going! As you let go of your past, you free yourself to live the life you truly desire with the commitment to ?changing the course of your life?. Step into the present, and discover the unlimited potential for joy that awaits you there. Sabotaging yourself is not a ?success strategy? for your home-business. You deserve to have it all!
Both Jim Pretin & Rose Kirkland are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Jim Pretin has sinced written about articles on various topics from Insurance, Medicine and Homeopathic Remedies. Jim Pretin is the owner of , a service that helps programmers make an HTML form. Jim Pretin's top article generates over 33100 views. to your Favourites.
Rose Kirkland has sinced written about articles on various topics from Insurance, Internet Marketing Company and Marketing and Communications. Businesswoman, Rose Kirkland assists Women to be success stories and inspiration to others. The fact that you are investigating the home-based business industry is a sign that you have dreams and trust in those dreams. Let me assist you come visit:. Rose Kirkland's top article generates over 2900 views. to your Favourites.
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