The insurance company evaluates the risks associated with insuring you during the application process and determines a premium based on that analysis.
You will need to make regular payments on your premiums once you are approved. You will typically pay on a monthly, quarterly, semiannual, or annual basis.
Your coverage ends and you are no longer covered if you stop making payments.
If you have a covered life event during the policy term, you must file a claim with your insurance company to inform them of what happened. This period of time is referred to as a term.
In most cases, you will need to include evidence with your claim to show that the event happened. The insurer then conducts an investigation to see if the claim is legitimate.
If so, you will receive reimbursement from the insurance company for covered expenses up to the policy’s limits.
