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Life Insurance
Life insurance (or commonly life assurance, especially in the Commonwealth) is a contract between an insured (insurance policy holder) and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the “benefits”) in exchange for a premium, upon the death of the insured person. Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policy holder typically pays a premium, either regularly or as one lump sum. Other expenses (such as funeral expenses) can also be included in the benefits.
Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; common examples are claims relating to suicide, fraud, war, riot, and civil commotion.
Life-based contracts tend to fall into two major categories:
- Protection policies – designed to provide a benefit in the event of specified event, typically a lump sum payment. A common form of a protection policy design is term insurance.
- Investment policies – where the main objective is to facilitate the growth of capital by regular or single premiums. Common forms (in the U.S.) are whole life, universal life, and variable life policies.
Our MGT USA sponsors also offer the life insurance policies and tools you need to help provide for the ones you love – now and in the years to come. If you want to learn more about life insurance, please feel free to contact our sponsors or utilize the tools on their website via our MGT USA local portal. Their Life Planning tools and information will help you get up to speed on everything from the basics to advanced planning options.
Wading River
Wading River is a hamlet and census-designated place (CDP) in Suffolk County, New York, United States, on the North Shore of Long Island. As of the 2010 census, the CDP population was 7,719.[1] It is adjacent to Shoreham and shares a school district.
Most of Wading River lies within the Town of Riverhead, but a small portion is in the Town of Brookhaven. The name of the hamlet comes from the original Algonquian name for the area, Pauquaconsuk, meaning “the place where we wade for thick, round-shelled clams”. “Wading in the River” or Wading River was adopted by the first English colonists.