There are different types of products in Life Insurance Policy. Each product will be having different type of features. The major goal of every policy is securing the protection. Most life insurance polices will give additional features. There are six common and different features which are given in any life insurance policy.
1. Death Benefit: Death benefit is the primary feature for any life insurance policy. At the time of contract, it specifies the time period. After the time period expiries, the death benefit will not be paid.
2. Duration: Each Life Insurance Policy will have, maximum period of time. At that period of time only the policy coverage will continue.
3. Premiums: Premiums are important aspect for every Insurance company. With premium amount only the companies will generates the money, and with that money (premiums) the company will be pay their claims. These premiums can be paid monthly, quarterly, half yearly and annually.
4. Protection Component: The protection component will be explained by death benefit and cash value. The death benefit is paid when the insured person die. But the cash value is paid to the policy owner when the insured is still alive.
5. Savings component: The saving component is considered as cash value of the insurance policy. Saving component is the amount given to a policy owner, if the policy is cancelled prematurely.
6. Dividends: The Life Insurance Company earnings can be called as dividends. That dividends can paid to the stock and share holders of the company.
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