Death is life insurance professional for the case the insured dies within a given time limit. Under which the insurer must pay a premium for the beneficiary if the insured dies within the time limit agreed to the contract of insurance.
The time specified in the contract is often the time of maturity of the contract. If the expiry of the insurance that the insured person is still alive, the business insurance will not be liable to pay a sum of money for the buyer of insurance
As such, insurers only pay when the insured suffered death in term insurance. Even the case of death of the insured person after the expiration of the insurance contract in a very short time, such as after that day, the insurer is still responsible to pay. Because of this reason, the premiums in this contract is usually the lowest, compared with other life insurance contracts, insurance death States no purpose save that merely bringing protection, against the risk of death.
Level term assurance
This is classic and simple contracts for insurance, cheapest deaths. Characteristics of this contract form are closed and a number of insurance premiums unchanged throughout the duration of the contract. The insurer undertakes to pay the amount of insurance if the insured person dies before the expiration of the contract, as to the insurance contract shall not be valid anymore.
E insurance contract fixed-term contract types are not cumulative in nature that most computer is protected from risks. Therefore it does not have the value returned when the contract expired, i.e. you will not be getting back refunds as the other life insurance form. In fact, this insurance often benefits to the beneficiary in the return of the outstanding debts of the family when the insured (the family pillar) were fatal.
Renewable term assurance
With respect to this contract, the insured may request the renewal of direct involvement in the end date of the contract without the need to provide more evidence about the health condition because the insurer has known about the health status of the insured person. When renewing the contract back, closing cost fixed will be increased adjustment depends mostly on the age of the insured person. Age limit of this contract form is 65 years old, when the insured person aged 65, the insurance contract could not be renewed
Convertible term assurance
This is a form of electronic insurance fixed period allows the insured the choice of a switch for a part or the whole of the insurance contract into a contract of life insurance whole life insurance or the mixture at any time when copper still lưc. Closing costs each year will be calculated based on the characteristics of the new type of contract want to move and the age of the insured person. At the same time when converting insurance contract, the insured must submit an additional certain sum for the costs related to the conversion of the contract to the insurer. The design of the electronic States for insurance switch to create the possibility to use this contract to make savings in the future of the insured person.