Life Insurance - Term Life Insurance
Sonoma County, San Francisco North Bay, Ca. USA

Life insurance or life assurance is a contract between the policy owner and the insurer, where the insurer agrees to pay a sum of money upon the occurrence of the insured's death. In return, the policy owner (or policy payer) agrees to pay a stipulated amount called a premium at regular intervals.

As with most insurance polices, life assurance is a contract between the insurer and the policy owner (policyholder) whereby a benefit is paid to the designated Beneficiary (or Beneficiaries) if an insured event occurs which is covered by the policy. To be a life policy the insured event must be based upon life (or lives) of the people named in the policy.

Insured events that may be covered include:

• death,

• accidental death

Conditions not covered but which might be insured by forms of insurance or riders on life insurance policies:

• need for long term care.

• diagnosis of a terminal illness,

• diagnosis of a critical illness,

• disability due to ill health,

• permanent disability.