Life Insurance Cover
Insuring ones life against any untoward event such as death is known as life insurance. In short, life insurance is an agreement between the life insurance company and the insurance policy holder, where the insurance company takes the responsibility of paying the insured a sum of money on his death and thus secures his life. In its return the insured individual has to pay some stipulated amount to the company on a regular basis. This stipulated amount is called as insurance premium that is to be paid regularly. The amount to be paid in the form of premiums is based on the life insurance policy value or the life insurance cover, life insurance policy period and even the age of the insured person. Thus, insurance cover is the amount or the value of the insurance policy. This is the amount that is given to the insured individual at the maturity of the policy or at the occurrence of an event against which the policy is made.
What is life insurance cover?
Life insurance means insuring ones life and it involves payment of some amount to the insured person at the occurrence of an event against which the life insurance policy is made or at the maturity of the policy. This amount that is paid to the insured individual is known as life insurance cover. Thus when a person who owns a life insurance policy dies or the policy matures, that is, the term for which the policy was taken is complete, the insurance company pays the person the life insurance cover or the policy value. This life insurance cover increases as the policy duration is increased. For instance, if a policy is taken for 20 years the cover will be different and if it is taken for 30 years it will be different.
Life Insurance Cover
Below are mentioned approximate life insurance covers based on the age of the policy owner and also on different life insurance schemes. The approximate premiums for both male and female are also mentioned.
Term Life Insurance:
Age - 30 years
Cover - $250,000
Premium: Male - $20, Female - $17
Age - 30 years
Cover - $500,000
Premium: Male - $27, Female - $23
Age - 40 years
Cover - $250,000
Premium: Male - $25, Female - $23
Age - 40 years
Cover - $500,000
Premium: Male - $40, Female - $33
Age - 50 years
Cover - $250,000
Premium: Male - $60, Female - $45
Age - 50 years
Cover - $500,000
Premium: Male - $105, Female - $85
Term Life with TPD:
Age - 30 years
Cover - $250,000
Premium: Male - $30, Female - $25
Age - 30 years
Cover - $500,000
Premium: Male - $45, Female - $40
Age - 40 years
Cover - $250,000
Premium: Male - $43, Female - $35
Age - 40 years
Cover - $500,000
Premium: Male - $75, Female - $83
Age - 50 years
Cover - $250,000
Premium: Male - $110, Female - $90
Age - 50 years
Cover - $500,000
Premium: Male - $190, Female - $165