A life insurance plan is a contract between an individual, or policy holder, and an insurance company. Tom Brough is a licensed life insurance agent in Chicago, Illinois. He graduated from DePaul University in 1993, and he has years of experience in the financial industry. He is a skilled professional who works with his clients in order to help them find the perfect life insurance plan for their current and future needs. There are several important facts you should know about life insurance policies and programs.
A life insurance policy is just like any other type of insurance policy. The policy holder signs a contract with the insurance agency. The holder then pays monthly fees to the insurance company. However, life insurance is unique because the policy holder is not always the owner. An individual can take out a life insurance policy. That individual is then the owner and the insured. However, if an individual’s spouse is on the policy as well, then the spouse is the owner as well. This means when the insured individual passes away, the remaining owner will be the beneficiary of the insurance money. The owner, or policy holder is the individual who makes payments on the insurance plan, but if the insurance money pays out at the policy holder’s death, that individual will not be the recipient of the funds.
Another important fact about life insurance policies is related to the contract terms. Life insurance policies often have strict contract terms and specifications. There are often many different factors that can render the insurance policy void. For example, if the insured person commits suicide within a specified amount of time after the policy is taken out, then the contract will become null and void. Also if the insured individual misrepresents his or her physical condition or health, the contract can also be rendered void. If the insured individual dies within a short time after taking out a life insurance policy, the insurer often has the right to contest the contract.
A third important fact about life insurance policies is when policies pay out. This may seem like a simple matter. When the insured individual dies, the policy pays the beneficiary. However, the policy can also mature and then be paid out. This happens when the insured individual reaches the specified age in their contract. This age is dependent on when the insured individual takes out the policy and the program he or she chose. For example, if the insurance policy is set to mature when the insured turns 100, then the amount will be paid out when the insured reaches that age.
Tom Brough Chicago is experienced in this field and knows the ins and outs of the life insurance industry. He is a successful professional who works hard to help his clients in Chicago, Illinois.
A life insurance policy is just like any other type of insurance policy. The policy holder signs a contract with the insurance agency. The holder then pays monthly fees to the insurance company. However, life insurance is unique because the policy holder is not always the owner. An individual can take out a life insurance policy. That individual is then the owner and the insured. However, if an individual’s spouse is on the policy as well, then the spouse is the owner as well. This means when the insured individual passes away, the remaining owner will be the beneficiary of the insurance money. The owner, or policy holder is the individual who makes payments on the insurance plan, but if the insurance money pays out at the policy holder’s death, that individual will not be the recipient of the funds.
Another important fact about life insurance policies is related to the contract terms. Life insurance policies often have strict contract terms and specifications. There are often many different factors that can render the insurance policy void. For example, if the insured person commits suicide within a specified amount of time after the policy is taken out, then the contract will become null and void. Also if the insured individual misrepresents his or her physical condition or health, the contract can also be rendered void. If the insured individual dies within a short time after taking out a life insurance policy, the insurer often has the right to contest the contract.
A third important fact about life insurance policies is when policies pay out. This may seem like a simple matter. When the insured individual dies, the policy pays the beneficiary. However, the policy can also mature and then be paid out. This happens when the insured individual reaches the specified age in their contract. This age is dependent on when the insured individual takes out the policy and the program he or she chose. For example, if the insurance policy is set to mature when the insured turns 100, then the amount will be paid out when the insured reaches that age.
Tom Brough Chicago is experienced in this field and knows the ins and outs of the life insurance industry. He is a successful professional who works hard to help his clients in Chicago, Illinois.