Life InsuranceA Saviour to Humanity[All you need know]
Life Insurance itself
The life and the properties of an individual are daily surrounded by the risks of death, disability or destruction.
Risks like these may result in financial losses. Then, the question comes in; in what way can all these risks be transferred to avoid total loss? The only tested and prudent way is Insurance. Insurance is a legal document between two parties, which are; the insurance company i.e. the insurer, and the individual, i.e. the insured. Both parties get a legal contract for the insurance, which is called the Insurance policy. This insurance policy has so many details about the conditions and circumstances under which the insurance company will pay out the insurance amount to either, the insured person or the nominees. In short, Insurance is a simple way of protecting yourself and your family from financial losses.
Insurance can come in through various aspects. Some of these aspects are;
- Auto Insurance
- Gap Insurance
- Health Insurance
- Income Protection Insurance
- Casualty Insurance
- Life Insurance
- Burial Insurance
- Property Insurance
- Liability Insurance
- Mortgage Insurance
- Business Insurance.
Basically, this article will be discussing life insurance, its policy, benefits, companies in different countries and top companies all over the world.
Life Insurance as a very crucial aspect of insurance provides a monetary benefit to a decedent’s family or other designated beneficiary. This kind of insurance may specifically provide for income to an insured person’s family, burial, funeral and other final expenditure.
Policy of Life Insurance
For every aspect of insurance, there must always be a policy that abides with it. A life insurance policy is a contract with an insurance company. It pays out after a person’s death to the people such an individual has designated as beneficiaries, usually close family members in exchange for regular premiums such person has paid over time. The policy has a detailed compilation on the conditions and circumstances under the insurer will compensate the insured. Different country around the world has its own life insurance policy.
What Do I Stand to Gain from?
Ohh!!! You are wondering what exactly you stand to gain from life Insurance. Not to worry, there are enormous benefits associated with life insurance. All you need do is just to keep on riding with me. Some of the benefits of life insurance are as follows;
Some life Insurance plans offer you the opportunity to create wealth with them. Apart from their main objective which is mainly to cover life-insured expenses, these policies invest your premium in different investment classes to deliver superior risk-adjusted returns that beat inflation and grow your corpus.
Peace of Mind
Life Insurance gives peace of mind to the insured. How? If someone meets were to meet with their demise, they know their family members and loved ones will have a financial safety net to fall back on. In essence, life insurance gives you the confidence that your spouse, children and loved ones will be financially secured if something happens to you.
Covers costs resulting from terminal illness
Life insurance can potentially provide cover for an individual if he/she has been diagnosed with a terminal illness. This, in essence, further means that you can receive a payout or even benefit to help reduce the financial burden of the terminal illness.
Life Insurance Companies Around the World
I know you can’t wait to register with a life insurance company and enjoy is enormous benefits. It’s a good feeling. There are many life insurance companies in both home and abroad. But, it is very important for you to consider some factors before diving or registering with an insurance company. Some of these factors are;
- The Company’s name
- Legal Accreditation of the company
- The Coverage of the Company
- The Company’s Financial Strength and their
- Price Factor
It is important for you to know that each life insurance company located in different countries has its own peculiarities. In essence, there are features and functions associated with each life insurance company.
Listed below are some of the Insurance Companies in Nigeria;
- Aiico Insurance Plc
- Lead Way Assurance Company
- Custodian and Allied Insurance
- Cornerstone Insurance Plc
- AXA Mansard Insurance Company
- African Alliance Insurance Plc
Some of the Life Insurance Companies located in the United States of America are;
- Afro-American Life Insurance Company
- American Income Life Insurance Company
- Executive Life Insurance Company
- Fidelity Union Life Company
- Garden State Life Insurance Company
- Globe Life and Accident Insurance Company
- The Guardian Life Insurance Company of America
- Kansas City Life Insurance Company
- Life and Casualty Insurance Company of Tennessee
- Lincoln Income Life Insurance Company.
Life Insurance Companies located in China are;
- China Life Insurance (Group) Company
- Ping An Insurance (Group) of China Ltd.
- China Pacific Insurance (Group) Company Ltd.
- People’s Insurance Company of China Group
- New China Life Insurance.
Life Insurance found in Ghana are;
- Metropolitan Life Insurance Gh. Ltd.
- Enterprise Insurance Company Limited.
- SIC Insurance Company Ltd.
- Metropolitan Insurance Company.
- National Insurance Commission.
Life Insurance companies located in Germany are;
- Deutsche Afrika-Linien/John T. Essberger Group of Companies.
- Ergo Group
- Generali Deutschland
- G. & J. E. Pinckernelle
- VHV Group
- Wustenrot & Wurttembergische.
Top Life Insurance Companies in Developed Countries
There are top life insurance companies in the world today. These companies have been selected on the basis of the following criteria.
- Premium collections
- Geographical Area
Some of these top life insurance companies and their locations are;
- AIA Group Ltd, Singapore.
- AIG(American International Group), New York City.
- Berkshire Hathaway (BRK.A).
- China Life Insurance, China.
- Ping An of China, China.
- United Health Group, United States of America.
These life insurance companies have their own distinct and associated features. So, before you make a conclusion on the choice of a life insurance company, it is important that you make a good and well-detailed research on the relevant cones.
Get enough and necessary information before you take any step further in registering for the company of your choice.