Life Insurance :

• Life insurance is a type of insurance. As in all insurance, the insured transfers a risk to the insurer, receiving a policy and paying a premium in exchange. The risk assumed by the insurer is the risk of death of the insured. Life insurance, sometimes referred to as life assurance, provides for a payment of a sum of money upon the death of the insured. In addition, life insurance can be used as a means of investment or saving.

• Insurance in which the risk insured against is the death of a particular person, the insured, upon whose death while the policy is in force, the insurance company agrees to pay a stated sum or income to the beneficiary. Insurance coverage that pays out a set amount of money to specified beneficiaries upon the death of the individual who is insured.

• A contract under which a company agrees to pay a stated amount to the beneficiary or beneficiaries named by the insured. Pure or term insurance provides a death benefit but has no current value. Ordinary life insurance and the many variations thereof provide a build-up of current value as well as a death benefit. Credit life insurance covers the balance due upon a loan if it remains outstanding when death occurs.

• If the donor makes the Foundation the owner of the policy, the value of the gift will be approximately the policy's cash surrender value as provided by the insurance policy.

Types of Life Insurance:

Term life is the simplest and least expensive type of policy. It's pure insurance with no cash value account. A term life policy has only one function: to pay a specific lump sum to whoever you've designated, upon a specific event - - your death. The death benefit and the policy limit are the same - - a 0,000 policy pays a 0,000 death benefit. The policy protects your family by providing money they can invest to replace your salary, as well as to cover final expenses incurred by your death.

Other types of life insurance provide both a death benefit and a cash value account. Their premiums are larger than term life premiums, because they fund the savings account in addition to buying insurance. These policies are often referred to as cash value policies. They include:
Whole life insurance provides permanent protection for your dependents while building a cash value account. With this type of insurance, the insurance company manages the policies various accounts.
Variable life insurance provides permanent protection for you and is the type of life insurance with account flexibility for the more risk-oriented policy holder.
Variable life insurance provides permanent protection for you and is the type of life insurance with account flexibility for the more risk-oriented policy holder.
Universal Variable life is the type of insurance which gives you more control of cash value account policy features than any other insurance type.

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