Why Life Insurance Premium Are Going Up?

Have you been still pondering on whether to buy term insurance and which one to buy? Our advice is; do not waste time as this is the perfect time to buy a term insurance policy. The premium rates of term insurance policies have been increased from April 1st, 2020.

What is reinsurance?
Most life insurance companies insure themselves against conditions when the insurance claims far exceed than what they had predicted based on statistical calculations. In such a case, the insurance companies are likely to face a loss. Therefore, they buy insurance cover for themselves from reinsurance companies. Reinsurance, thus, is a way to distribute the risk and minimize the damage. It is a transfer of some of the liabilities from insurance companies to reinsurance companies

For example, suppose an insurance company provides life insurance assuming the mortality will not increase beyond a certain percentage.

Remember: Any Health Insurance Policy doesn’t cover any ailment in the first 30 days except Accidental Hospitalization...

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