Life Insurance can be defined as a contract between an insurance policy holder and an insurance company, where the insurer promises to pay a sum of money in exchange for a premium, upon the death of an insured person or after a set period.
What is the main objective of a life insurance product?
The major purpose of life insurance is protection — the instant estate to meet survivor needs. Some policies include a savings feature, but there are many other ways to save money and make investments.
Is life insurance a product or service?
Insurance is a service, not a product.
What are the two types of insurance products?
The three main types are whole, universal life insurance, and term life insurance.