Cheap Life Insurance Companies Online Alabama
Reader’s Question:
I live in Montgomery Alabama AL and I have a life insurance that my husband bought for me. Am I considered the owner of the life insurance policy since I’m the one insured?
Jenny
Montgomery,AL
Hi Jenny
Life insurance, or as it is often called life assurance, in Montgomery Alabama AL is a form of agreement between the owner of the life insurance policy and the life insurance company. This contract states that, upon the death, illness may it be terminal or critical illness of the insured person/s, the life insurance company or the insurer agrees to pay a certain amount of money.
On the other hand, the owner of the life insurance policy concedes to paying a predetermined amount which is called life insurance premiums. This life insurance premium is paid in two options, either paid in lump sum or at regular intervals. In Montgomery Alabama AL and in some other states, certain expenses such as catering after the funeral are required for inclusion in the life insurance premium.
Although there may sometimes be a difference between the insured individual and the life insurance policy owner, it is most often times the same person. In your case, since it was your husband who acquired the life insurance for you and pays for the life insurance premium, he is considered the policy owner or policy holder while you are the insured. The policy holder is the one who will pay for the life insurance premiums. And you, as the insured individual is considered as a participant of the life insurance policy but is not essentially a party to it.
In any event that you or your husband would be planning to buy a life insurance for him, you may ask for quotes on the different life insurance premiums from this site to see what life insurance companies has to offer in terms of cheaper life insurance premiums.
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