Answer to Question #166086 in Management for Prince

Question #166086

Subject :insurance management


1."Life Insurance provides both protection and investment" ?explain in light of this statement

A)nature of life insurance (please give at least 7 to 8 points in detail for nature)

B)uses of life insurance (please give at least 7 to 8 points in detail for uses)


2.a)what is family maintenance according to Life Insurance? (Please answer in 100 to 150 words)

b) discuss role of family maintenance in life insurance policies ?( please give 8 to 9 points in detail for role)


1
Expert's answer
2021-03-01T09:34:06-0500

1."Life Insurance provides both protection and investment" ?explain in light of this statement

A)nature of life insurance (please give at least 7 to 8 points in detail for nature)

  • life insurance protects the insureds entire life thus provides living benefits.
  • Life insurance contracts are unilateral.
  • life insurance is seriously time-consuming.
  • Insurance companies may gradually increase your premium overtime to keep up with the financial demands of offering the coverage.
  • life insurance provides your life insurance goals concerning savings.
  • It focuses on your location where your life affects the cost of your policy.
  • it protects any lifestyle choices that could up your risk of death such as unhealthy habits.

B)uses of life insurance (please give at least 7 to 8 points in detail for uses)

  • it provides education funds for children and grandchildren.
  • its benefits are available immediately and may be used to help with such expenses as final illness and funeral costs.
  • life insurance proceeds pass to beneficiaries generally free of federal costs.
  • It helps in funding business continuation plans.
  • it helps in the equalization of inheritances.
  • it helps in the provision of additional funds for the benefit of an adult or child with special needs.
  • it helps in funding charitable gifts.

2.a)what is family maintenance according to Life Insurance? (Please answer in 100 to 150 words)

a family maintenance policy is a financial package that combines a whole life and level term policies therefore the name of this insurance refers to the fact that is intended for the family breadwinner with the spouse. it's also insurance that promotes income for a beneficiary for a specified period after the death of the insured. in this case each insurance brand may offer one or more of the common types of plans which include health maintenance organizations. in health insurance a family matter is the third among the reports issued out from the reinsurance and the impact is addressed on the family of not having health insurance.


b) discuss the role of family maintenance in life insurance policies? ( please give 8 to 9 points in detail for the role)

  • income protection policies do not continue to provide the monthly benefit amount if the policyholder passes away.
  • it stipulates the monthly income you would need for your loved ones to receive.
  • they take life insurance to protect a liability they have.
  • it offers to propose to clients they take out a combination of a lump sum policy to cover immediate debts.
  • it overlooks divorce and family planning.
  • policies are fundamentally different.
  • it impacts how the family can rely on maintenance income.
  • income protection and family income benefit both offer a tax-free monthly income in the event of a claim.

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