life insurance

life insurance

You take out life insurance for your survivors. If you die during the time the insurance is in force, a lump sum is paid out to those you have entered as beneficiaries.

Life insurance is not savings but so-called risk insurance. You pay an ongoing premium for a certain insurance amount, which you choose yourself. When you die, a lump sum is paid out to those you have entered as beneficiaries, provided the policy is still valid. Most life insurance policies expire between the ages of 65 and 85; it’s in the terms and conditions. After that, nothing is paid by the insurance anymore.

The insurance conditions for pure life insurance are relatively similar between the insurance companies. What varies is the premium, which is dependent on your age and the insurance amount you choose.

Other insurances can function as life insurance, for example, loan protection and repayment protection that is included or can be selected in occupational pensions.

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