Life Insurance Policy Terms and Conditions

Life Insurance Policy Terms and Conditions

Whatever the goals of the family, in most cases, the achievement of these goals requires material costs. There is always a need for money to ensure that the family is able to continue their daily life, to ensure their own future and to the children’s future.

But let’s think, where does money come from in the family? The answer is clear for most families it is earned income. This is the income that parents earn day after day with their work.

The answer to the question “What is life insurance” is simple; it is an opportunity to guarantee family income in any life situations

Our lives are filled with risk. In particular, there are events that can threaten the life and working capacity of a person. This means that these events put the family’s material well-being at risk. They can put the family on the brink of poverty by canceling all their plans and destroying the children’s future.

If that’s the case, we need to figure out what could threaten our lives and our ability to work and protect our only source of income. Life insurance is the only solution that allows the policyholder and their families to compensate for the major losses that may be caused by the disease and the accident.

Requirements for life insurance contracts

Here are the general requirements for the terms of life insurance contracts:

1. Insurance payments are made in the case of:

  • Death of the insured person.
  • Survival of the insured person before the expiry of the insurance contract.
  • The insured person’s reaching the retirement age (supplementary pension insurance) or the age specified in the insurance contract.

The occurrence of an event in the life of the insured person, stipulated by the insurance contract (marriage or its dissolution, birth of a child, admission to an educational institution, death of a close relative, insured person; wife, husband, children, parents).

2. The terms and conditions of the life insurance contract, if necessary, may additionally provide for the insurer’s obligation to make the necessary insurance payments in the event of:

  • Diseases of the insured person.
  • Temporary disability resulting from an accident
  • Permanent disability insurance

Under the term accident, should be understood sudden, or short-term, unforeseen (arisen suddenly) and independent of the will of the insured event, which is likely to lead to traumatic injury, injury or other health disorder of the insured person. From such cases, it is necessary to use other possible principles of insurance.

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