What is life insurance?

1. Life insurance is life insurance with the life span of consumers as the insurance object and the survival or death of consumers as the payment condition.

2. Life insurance can be divided into term life insurance, whole life insurance, endowment insurance, dividend insurance, universal insurance and investment-linked insurance. Different from other types of insurance, the risk of life insurance transfer is the survival or death risk of consumers or policyholders. Among all insurance products, life insurance can better reflect consumers' love and responsibility for their families.

3. Common life insurance is mainly term life insurance and whole life insurance.

(1) Term life insurance means that the insured dies or is totally disabled within the period stipulated in the insurance contract, and the insurance company pays the insurance money according to the agreed insurance amount. If the insured is alive at the expiration of the insurance period, the insurance contract will be terminated naturally, and the insurance company will no longer bear the insurance liability and will not refund the insurance premium. The insurance period of term life insurance is 10 years, 15 years, 20 years, or 50 years, 60 years and other agreed ages. The essence of term life insurance is to avoid the financial crisis caused by the death or complete disability of the family breadwinner. Therefore, term life insurance is suitable for ordinary people with heavy family responsibilities, such as old and young, mortgage, car loan, etc., which reflects the responsibility to the family.

(2) whole life insurance refers to indefinite death (or total disability) insurance. After the conclusion of the insurance contract, if the insured dies (or is totally disabled), the insurer will pay the insurance money. The premium in whole life insurance is relatively expensive, but it can be guaranteed for life. The key is to pay in the end. Therefore, whole life insurance is more suitable for people with considerable income, estate planning or long-term asset preservation needs, which reflects the inheritance of wealth.

The recommended life insurance products include luxury barley sweet home 2022 term life insurance, Sino-Dutch Kanggan term life insurance and Sunshine No.1 term life insurance.