Life Insurance Policy Details

With non-level term, your life insurance policy changes steadily over time in one of two ways: either your premium payments will go up, or your death benefit will decrease over time. One example? Mortgage insurance. This type of life policy pays the lender the remainder of your mortgage, which decreases as you make your monthly loan payments.. Step 5: Now, you can track the details of your policy simply by clicking on the policy number in the list. The policy details namely, policy name, policy term, table number, next premium due date, sum assured etc. will be displayed.. How to find a group life insurance policy. Many employers offer term life insurance as part of their benefits package, which is called group life insurance. If the deceased person’s life insurance coverage came from an employer-sponsored group policy, you’ll need to contact their employer to claim the death benefit.. If the policy is owned by a family member who's still alive but not competent because of illness or injury, you'll only be able to request the policy details if you hold that person's power of attorney. It can be inconvenient, but the insurer has an obligation not to divulge policy details to anyone who doesn't have a legitimate reason for asking..

Life insurance is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money in exchange for a premium, upon the death of an insured person. Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policy holder typically pays a premium, either regularly or as one lump sum. Other expenses, such as funeral expenses, can also be included in the benefits..

About the Insured. Please tell us about the person whose life is insured under the policy. (This might be different from the policy owner, who may have purchased the policy on the insured’s behalf). These may be found on the first page of the policy, and also on policy statements and correspondence.. Life insurance helps your life’s moments live on. Whether it keeps paying the mortgage, maintains a current standard of living, pays off debts or pays for college, the life insurance you choose can be there when it’s needed most by your loved ones..