Life Insurance | Bethesda | Frederick | Gaithersburg | Maryland
Life Insurance Bethesda: Everything about life insurance
Life Insurance Bethesda: In a few words life insurances are financial products offered by specialized companies that can provide protection – classic life insurance, and facilitates saving – life insurances with capital accumulation. Such service is provided in the areas like Bethesda, Frederick, Gaithersburg, Maryland and Rockville. For example, in the case of a classical life insurance: by means of a contract, the insurer undertakes to pay a sum of money in case that the insured person dies. The cost of a life assurance policy is called insurance premium and is established by your insurer depending on the type of product you want, the sum insured, the duration of the contract, the risks covered and so on. This type of insurance does not accumulate capital.
In the case of life assurance with accumulation of capital, part of the premium which you pay covers the protection component (same as in the case of a classical life insurance) while another part is invested by the insurance company and paid at the end of customer’s contractual period or even before that, together with a part of the resulting benefit. In this case, life insurances are also a tool for saving money.
The principal risk covered by life insurance is death. However, life insurance can also include and indemnify other risks:
1. The risk of losing your capacity for work. If the insured suffers an accident that results in the loss of working capacity he will be exempt from the payment of insurance premium.
2. The risk of permanent disability. If the policy holder suffers an accident which has as a result permanent disability, the insured will benefit from the sum insured for this risk.
3. The risk of survival. If at the end of the contract the insured is alive he will receive the sum insured either in the form of instalments or in a single amount. In this case, the beneficiary can be the insured or an heir designated by him.
