» What Is Life Insurance?
Life insurance or life assurance is a contract between the policy owner and the insurer, where the insurer agrees to pay a sum of money upon the occurrence of the insured individual's or individuals' death. In return, the policy owner (or policy payer) agrees to pay a stipulated amount called a premium at regular intervals or in lump sums (so-called "paid up" insurance). As with most insurance policies, life insurance is a contract between the insurer and the policy owner (policyholder) whereby a benefit is paid to the designated Beneficiary (or Beneficiaries) if an insured event occurs which is covered by the policy. The following insured events will be covered:
Death.
Accidental death of the insured.
Insured’s sickness.
It is a legal contract, which describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; for example claims relating to suicide (after 2 years suicide has to be paid in full)(in India after one year Suicide is covered), fraud, war, riot and civil commotion. Life based contracts tend to fall into two major categories:
Protection policies. This type of life insurance provides a payout in the case of a certain event. The buyer of this policy pays a certain some of money in regular periods of time. A common form of this design is term insurance. In investment policies regular or single premiums facilitate the sum of the benefit.

» Choosing The Best Insurance Company
Imagine you have already decided that a life insurance is what you need.What next? It is evident that you will try to find an insurance company that suits you most. In the modern market the choice is so wide that it is very difficult to choose an insurance company that really suits you. There are more than 2,000 companies only on the territory of the USA. You can buy a life insurance directly from an insurance company or through agents. After choosing an insurance company make sure that its financial condition is stable. The safest way to do it is to go to the state’s insurance department and to get all the necessary information. It is also important to make sure that this insurance company is licensed in your state.

» About Variable Insurance
If you buy a Variable universal life insurance you will be offered a choice of death benefit guarantees and investment opportunities. It provides money for your family or other beneficiaries if you die, and money for you while you’re living. If you need a life insurance, have longer time frames to weather the market, want to control over where your money is located, can accept some risk then a Variable universal life insurance is for you.
Advantages:
There is no set schedule for premium payments after the first policy year, so as your needs and goals change you may be able to increase, decrease or stop premium payments. The potential for your cash value to accumulate more rapidly.