Life insurance covers the death of the insured person.
Upon the death of the insured person, a death benefit payment is made to the beneficiary or beneficiaries named on the insured person's life insurance policy.
The owner of the life insurance policy usually chooses who will be the beneficiary of the policy.
The death of the insured is covered whether it is caused by "old age", illness, or injury.
Even suicide is covered by life insurance policies in the later years of the policy.
For instance, there is a two year suicide exclusion in life insurance; however, in some states like Colorado, there is only a one year suicide exclusion.
Upon the death of the insured person, a death benefit payment is made to the beneficiary or beneficiaries named on the insured person's life insurance policy.
The owner of the life insurance policy usually chooses who will be the beneficiary of the policy.
The death of the insured is covered whether it is caused by "old age", illness, or injury.
Even suicide is covered by life insurance policies in the later years of the policy.
For instance, there is a two year suicide exclusion in life insurance; however, in some states like Colorado, there is only a one year suicide exclusion.
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