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Life Insurance Underwriters in the usa
Many people today have a small amount of life insurance as a benefit of employment; however, it is seldom
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sufficient to provide for total family protection, college education, or business coverage in the event of premature death.
To cover these financial needs people buy individually underwritten life insurance from the private market in different amounts and at different times throughout their life. People seeking this protection are free to choose when to buy, what to buy, and how much to pay for coverage. They can buy when they are young and healthy, or wait until middle age hoping their health will stay good, or they can buy at a higher premium if they develop a chronic illness.
Based on their financial portfolio and coverage needs, they can choose products ranging from an inexpensive term insurance product to high cash value (whole life) product. The private life insurance system provides an important financial safety net, but it is entirely voluntary and ( secured loans ) unsubsidized. An individual life insurance policy is, in effect, a commercial transaction in which the insurer agrees to pay a specified death benefit in exchange for payment of a premium proportional to the mortality risk assumed by the insurer.
The one characteristic common to all individual life insurance products is transfer of the financial loss caused by unexpected death to the life insurance company. The real product is payment of the death benefit regardless of when that death occurs during the lifetime of the product. The death benefit for each individual far exceeds annual and cumulative ( personal loans ) premiums plus earnings for several years, particularly for young applicants.