Types of life insurance in America In the recent period, what is known as life insurance has appeared. People resort to it in their desire to obtain a large amount of money for them. Or their children’s exposure to any health problem, or their exposure to death, is a very important and clear matter, and therefore we will talk about its details in the following lines.
What is the concept of life insurance?
Life insurance is one of the contracts, in which an agreement is made to insure a person for his life in an insurance company. In return for paying a certain amount each month, in return for a large amount of money. In the event that the policy holder suffers death or injury.
Types of life insurance in America
He finds many types of life insurance, which a person can benefit from in the event that he faces one of the problems that require obtaining insurance.
Insurance in the event of death
Life insurance is one of the life insurance systems. And the most famous of them at all, where the heirs receive the amount of insurance, in the event of the death of the person holding the insurance policy, and its types are:
Temporary insurance
It is the oldest of the types of life insurance, and it is considered the main insurance for other types of insurance. Temporary insurance is also concerned with insurance against the risk of death only, in a specific period of time. In the event of the death of the insured during this period, the insurance company pays the beneficiaries the agreed amount.
But if the person remains alive after the expiry of the insurance period, then the insurance is expired, without any payment being made by the insurance company. He can also look for another cover, in case he wants to insure his life. This type is used in cases of travel risk. As well as providing a guarantee for people who provide loans to others.
Life insurance premium in USA
It is noteworthy that the volume of premiums collected for property and liability insurances during the period from July to September of 2021 amounted to 13 billion, compared to 10.5 billion during the same period in 2020, with a growth rate of 23.78%.
It was distributed among the premiums collected for property and
liability insurances, which amounted to 4.8 billion during the third quarter,
and the total compensation paid by insurance companies amounted to 5.5 billion
during the period from July to September of 2021, compared to 5.1 billion
during the same period in 2020, with a growth rate of 7.24%.