Life Insurance

By insuring your life you are not only getting some peace of mind about the future of your family, you can actually enjoy the money before passing away. Life insurance is paid in case the person insured dies or there is some terminal illness found - in that case they may be paid the amount due and spend it as they wish. In case the person dies the money the company has to pay goes to the beneficiary - the person mentioned in the agreement that the insured wanted to get the benefits. The beneficiary can be anyone from the family or people that are not related to the insured, although in that case insurance companies tend to investigate cases more carefully to make sure the death was not caused by people interested in getting the money. Suicide is a cause that until recently was not included into most life insurance policies, although now it is provided for in most policies. However, there are certain rules that apply - particularly the waiting period (about 13 months) after the moment the agreement was signed. If a suicide happens during this time the company has the right not to pay the benefits. The money that the company pays to the beneficiary (usually one of the spouses) can be invested into education, paying the mortgage, or covering funeral expenses.