What is life insurance and what does it do?
What is life insurance? Life insurance is a form of insurance that evaluates a portion of a person’s savings as premiums to support their family in the event of death, accidental death, illness, disability, etc. that may occur in their life.
When does life insurance make a payment?
Also defined as a type of savings insurance, life policies are used to compensate for financial losses that may occur due to death, temporary loss of work, disability, accidents, and illnesses, and are among the financial instruments that can also receive lump sum payments upon expiration of the contract period if specified in the policy.
When does life insurance not make a payment?
Payment is not made in the event of death of individuals during war. However, this can be achieved with the items included in the policy and by paying an additional amount. Payments are not made to the heirs of individuals who lose their lives as a result of nuclear, chemical, etc. attacks.