Here are Insurance Policies Many People Ignored Until It’s Too Late

2. Life Insurance

Among the many types of insurance policies, this is undeniably one of the most popular types and is offered in almost all countries across the globe. This type of insurance policy is more about safeguarding the loved ones who will be left behind if the insured person dies.

There are countless institutions and public and private entities that offer life insurance and each offer may bear a unique feature. Under this type of insurance, the legal contracts and terms are readily stated and agreed upon the insured individual and the insurer in a written manner.

Most life insurance policies also state the specific exclusions or the incidents that will deem the insurance forfeited. Usually, the premium is paid on a regular basis or under a one-time lump-sum.