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Old 12-07-2007, 08:30 AM
brithvi brithvi is offline
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Default Please explain about life insurance?

If I got life inurance for 20 years after 25 years If I won't die what would happend? If I will die within the period can my children get money?


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Old 12-07-2007, 08:30 AM
Craig R Craig R is offline
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yes but after that no longer you live less chance of renewing it
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Old 12-07-2007, 08:31 AM
welcome news welcome news is offline
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You buy cover at a fixed premium (based on age/ sex/ smoker status) for a fixed period. If you die in that period the sum insured is paid to your estate (it can be arranged to go into trust). If you do not die then the policy is exhausted and no benefit is paid.

This is the simplest and cheapest form of life insurance called 'term insurance'. YOu can have increasing term insurance, decreasing term insurance, mortgage term insurance.

You can have whole of life insurance - you pay for your whole life and the sum insured is paid to your estate - often this is used in conjunction with - premiums ceasing at 65 or 60 - since your earning power decreases when you retire.
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Old 12-07-2007, 08:32 AM
FluffyPinkThing FluffyPinkThing is offline
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Your life insurance is normally paid for as long as you live, not 20 years (or is it an endownment?) An endownment will mature and you will get some money. If it in normal life insurance and you don't die - you will not get any money. If you do, your next of kin will claim.

Do you expect to get money from your house insurance if you don't get burgled?
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Old 12-07-2007, 08:54 PM
Hadley Hadley is offline
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Default Re: Please explain about life insurance?

If you bought term life insurance for a 20 year term, and then you died after 25 years, you would have died after your life insurance policy expired, so there would be no payout.

Term life insurance provides protection for a specific number of years, usually 10, 15, 20 or 30 years.

If you die during the term of your policy, the person you choose as beneficiary would receive the face amount of your term life insurance policy.

Learn more about How term life insurance works

I hope that helps! Best of luck to you.
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