Types of life insurance in America In the recent period, what is known
as life insurance has appeared. People resort to it in their desire to obtain a
large amount of money for them. Or their children’s exposure to any health
problem, or their exposure to death, is a very important and clear matter, and
therefore we will talk about its details in the following lines.

What is the concept of life insurance?

Life insurance is one of the contracts, in which an agreement is made to
insure a person for his life in an insurance company. In return for paying a
certain amount each month, in return for a large amount of money. In the event
that the policy holder suffers death or injury.

Types of life insurance in America

He finds many types of life insurance, which a person can benefit from
in the event that he faces one of the problems that require obtaining insurance.

Insurance in the event of death

Life insurance is one of the life insurance systems. And the most famous
of them at all, where the heirs receive the amount of insurance, in the event
of the death of the person holding the insurance policy, and its types are:

Temporary insurance

It is the oldest of the types of life insurance, and it is considered
the main insurance for other types of insurance. Temporary insurance is also
concerned with insurance against the risk of death only, in a specific period of
time. In the event of the death of the insured during this period, the
insurance company pays the beneficiaries the agreed amount.

But if the person remains alive after the expiry of the insurance
period, then the insurance is expired, without any payment being made by the
insurance company. He can also look for another cover, in case he wants to
insure his life. This type is used in cases of travel risk. As well as
providing a guarantee for people who provide loans to others.

Life insurance premium in USA

It is noteworthy that the volume of premiums collected for property and
liability insurances during the period from July to September of 2021 amounted
to 13 billion, compared to 10.5 billion during the same period in 2020, with a
growth rate of 23.78%.

It was distributed among the premiums collected for property and
liability insurances, which amounted to 4.8 billion during the third quarter,
and the total compensation paid by insurance companies amounted to 5.5 billion
during the period from July to September of 2021, compared to 5.1 billion
during the same period in 2020, with a growth rate of 7.24%.