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Overview of Life and Health Insurance products
An Individual insurance policy is an insurance policy that is issued to insure the life or health of a named person.
A group insurance policy is a policy issued by an insurance company to a party that is purchasing insurance coverage for a specific group of people.
A Life insurance policy is a policy under which the insurance company promises to pay a benefit upon the death of the person who is insured. Life insurance is provided on both an individual and a group basis and is available under a variety of types of policies
Major types of life insurance policies:
a) Term life insurance provides a death benefit if the insured dies during a specified period.
b) Permanent life insurance provides life insurance coverage throughout the insured’s lifetime and also provides a savings element.
c) Endowment insurance is the combination of term life insurance and permanent life insurance. Itprovides a policy benefit that is paid either when the insured dies or on a stated date if the insured lives until then.
a) An annuity is a series of periodic payments.
b) An annuity can also be a contract under which an insurance company promises to make a series of periodic payments to a named individual in exchange for a premium or a series of premiums.
A health insurance policy is a policy that provides protection against the risk of financial loss resulting from the insured person’s sickness, accidental injury, or disability.
The two major forms of health insurance coverage are as follows:
a) Medical expense coverage provides benefits to pay for the treatment of an insured’s illness and injuries.
b) Disability income coverage provides income replacement benefits to an insured who is unable to work because of sickness or injury.
Health insurance coverage is available to both individuals and groups and is provided by a variety of organizations and governmental programs in addition to being provided by commercial life and health.
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