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In this article we will consider only memory life insurance, as the primary goal of the memory insurance is accumulation of money instead of protection against any risks.
Memory life insurance works as follows. Having bought the policy, you throughout 20 – annually pay 30 years to the insurance company an insurance payment. The means brought in the insurance company collect on yours to the account. Upon termination of action of the policy you can choose one of three variants:
* to receive all saved up sum at once
* to sign with the insurance company the contract on payment to you lifelong pension
* to leave all means for the account of the company and to conclude the contract for new term
Memory insurance possesses one more very important property. While your policy (20-30 years) operates and you accumulate money, the insurance company provides you with insurance protection. Usually policies of memory life insurance protect from following risks:
* death
* constant full invalidity
* constant partial invalidity
* the operations spent owing to accident
* hospitalisation
The insurance of constant invalidity is very important element of protection. The matter is that as a result of accident the person can receive physical inability and will lose possibility to work. If it provides it means possibility deprivation to work, that is deprivation of the income. In that case without the policy it is possible to hope only for modest state pension.
To be protected from it, the work capacity insurance is necessary. Insurers distinguish constant full invalidity (the person cannot work at all) and constant partial invalidity (if the person can be engaged in the limited kind of works). Cost of the concrete pension insurance strongly depends on treaty provisions. The lifelong pension usually manages insured approximately in one and a half time more expensively, than urgent (it is paid only during the certain period of time). If the pensioner has not lived before the termination of a validity of the urgent pension, not paid rest is received by its successors. The more senior you are the less term of accumulation and more size of payments for reception of desirable pension you will have.
To lower a monthly payment for people of a prepension age, insurers recommend to delay the beginning of payments, for example, till 65 or 70 years. Otherwise it is necessary to agree on smaller pension than it was planned. Well and, certainly, insurance cost depends on your floor. Women retire earlier, and live longer men. Therefore their payments will be more than at men of identical age with them. But variants of insurance of the future pensioners are not settled by it. Insurers have thought up weight of updatings of urgent and lifelong pensions. For example, the contract can be made so that after death of the pensioner his successors or other persons whom he has chosen, receive the single payment which size depends on age died. If the pensioner dies, say, in 80 years, single payment to successors makes $10000, in 90 years – $3000 dollars and so on. The size of payment can be and fixed, for example, to equal annual pension.
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