The
main aim of life insurances are to create and collect financial resources,
investment and obtaining the resultant profit from the investment and
eventually performing liabilities of the insurer company in front of the user.
Life insurances and the savings accumulated by it as a factor can have a
productive role in improving the national production level and this increase
will be effective in capitals payment production level and compensations of all
the peoples fields in accelerating the economical wheels of a country.
In
life insurances, insured will pay a specific premium on monthly or yearly or in
one installment (capital or pension) and after the end of the insurance time
will receive the determined money in one turn or on pension basis and in case of
the death of the insured before the end of the insurance period the specified
amount will belong to the users.
Different
types of life insurance
-Time
life insurance
-Whole
life insurance
-Life
insurance to secure the future of children
-Life
insurance for the remained of the debtor
-Life
insurance and savings
Time
life insurance
Life
insurance in case of the death or in other words simple time life insurance, is
a type of personal insurance which provide insurance cover for a specific time
and the insurance investment of the insured in case of death will be payable
during the validity time of the agreement and in case that till the expiry of
the agreement the insured will be alive, no money will be paid to him or her
for the insurer liabilities. These types of insurances are issued for less than
one year up to a few years.
Whole
life insurance
In
this type of the insurance, the insurance company commits to pay the investment
(capital) mentioned in the insurance agreement at any time , at the time of the
death of the insured, to the used or his legal heir and the validity of it is
unlimited , and the insurer against receiving the premium commits to perform
his liabilities at any time or at the time of the insured death.
Insurance
for providing the future of the children
This
insurance is for those who are having small children and are worried about
their welfare after their death. As per this insurance, the insurer commits to
pay a specific amount monthly to the children of the insured. This will be pay
until the children are 18 or as per the articles of the agreement.
Life
insurance for the remaining of the debt
In
this type of life insurance, the capital of the insurance decreases with time.
This type of insurance has so much of use today because so many of banks and
credit institutions grant loan to applicants and in case the applicant will die
who has received the loan, their family cannot pay the remaining of the debt
and the installments of it and the bank can put pressure on the family of the
person who has received the loan. For solving this problem the person who has
received the loan can insure himself with paying a small premium and in case he
will die before completing the loan installments, the rest of them will be paid
by the insurance company. This insurance policy is also provided on collective
basis and the banks and financial institutions can insure all their borrowers
to use the benefits of this type of insurance.
Life
insurance and saving
This insurance is in fact the most complete type of
life insurances. Because in this insurance plan in case the insured will die
during the validity of the insurance, in case he has paid all the premiums the
capital (investment) mentioned in the agreement of the insurance plus the
investment accumulated from participation in the interests will be paid to the
legal heir or users and in case the insured will be alive till the end of the
validity of the insurance agreement, the insurance capital plus the capital
accumulated through the participations in interests will be paid to the insured
person. In fact in this type of insurance , whether the insured person will be
dead or alive, the capital of the insurance will be paid to the users of the
insurance