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 Life Insurance Services

Life insurance is a type of insurance in which the insured pays an agreed amount each year, typically in return for a sum of money that will be paid to the beneficiary on their death. A life policy can also be combined with other insurance policies, such as critical illness cover or income protection. Life insurances pay a lump sum at the time of purchase and then continue to accumulate savings for future beneficiaries until they are needed.

The first life insurers were H Sick, and his partner Thomas Payne began writing policies when they founded "The Equitable Life Office" on March 1, 1859. By 1860 it was known as "Life Assurance Society".

"Funeral insurance" is a form of life insurance that focuses on the specific needs of paying for a funeral. Funeral policies may cover the costs of the funeral, as well as additional items such as memorial plaques or headstones and some can be converted to pay for other expenses, such as education or home improvements. Not all insurers offer this type of coverage, and pricing varies significantly between policies.

A "living benefit", sometimes known as an "immediate annuity", is any arrangement in which an individual receives payments in exchange for making a one-off or continuing, regular premium payment to another party.

A "total return" living benefit is one that will pay out at a specified future date (or dates) an amount equal to the total of all the premiums paid plus any investment growth. A "level term" living benefit pays out a set amount, typically over a set period of time. If the individual dies before the end of this time, they and their beneficiary receive nothing. If they survive, they will receive the full level term amount.

In many cases life insurance can be purchased in conjunction with other types of insurance such as home, vehicle, health or travel insurance.

There are two main types:

The current President for Life Insurance Association is Mr. Jeetu Rishi.

An example of life insurance advertising by the UK government, circa 1996: 

Life insurance in China is still in its infancy with a penetration rate of only 5% as of 2013. It is growing at a rate of 50% per year and projected to reach 1billion Chinese renminbi (RMB) by 2015 according to the State Council. Currently, most life insurance products are classified as accidental death insurance which leads to poor financial protection due to low premiums and low benefit payouts. Once the government applies its stamp on life insurance as an industry category, regulations will allow for a more healthy and sustainable environment that allows for better products and services.

Modern life insurance starts with a few life insurance policies for two people bought at formation of the new company. The two are dubbed the "couple". They have a choice of signing up to a whole-of-life policy or to add their parents to an extended family policy (which allows them to scale up in risk if necessary). They then create a whole-of-family policy for any children they may have, followed by another couple, and another. And so on. Eventually, this becomes the client base that is serviced by one or more insurers. If urgent cash needs arise, the company's assets can be transferred to another insurer and managed by an asset manager until cash flows again. This is called "cash management". Life insurance companies that have experienced problems with cash management are known as "cash poor".

Life insurance has also been used for other purposes. For example, the United States government in 1965 used it to pay for war reparations to Japan. Life insurance was also sold by the government of Taiwan in the early 1950s to mobilize savings and encourage growth through private investment, but this was discontinued in 1968 as part of the policy of "Taiwanization".

Life insurance is a core product in Australia's financial system and life insurers account for over 80% of total life insurance premiums written by Australian insurers. Life insurers are regulated by the Life Insurance Regulatory Authority (Lira) with the general insurance industry being regulated by the Australian Prudential Regulation Authority (APRA).

Life insurance is often also used as an investment vehicle. Vast sums of money are put into the financial market that could be invested in equities, property, bonds and derivatives. In this case, life insurance policies are used as a mechanism to invest a portion of the assets along with wealth management products like superannuation. A common example is an individual's life insurance policy purchased as part of buying their first house. Mortgage lenders typically require that a death benefit is paid upon the death of the individual to avoid having the equity in their home be swallowed up by life insurance claims and potentially owing money on a mortgage to the bank.

Insurance contracts are regulated under state law, rather than federal law. Financial regulators impose minimum standards upon insurers to maintain financial solvency based upon a company's size and scope, but otherwise allow insurers freedom of contract. Investors are expected to have arm's-length relationships with their agents and fully inform themselves about risks before they invest. The main body charged with regulating life insurance companies is each state's Division of Insurance.

Life insurance companies in the UK have been regulated by the FCA since 1986 (before this they were regulated by the Financial Services Authority). The FCA's regulation of life insurance companies is part of a broader approach to financial services regulation.

Malaysia Life Insurance Limited (MLL) was formed at 9 August 1939 as a Life Assurance Company. On 1st April 1986, it was re-organized and incorporated with a Common Stock and Share Capital costing RM1 per share. In 2nd August 1994, it changed its name to Malaysia Life – Asean Life Company Limited – and a Joint Stock Company status was granted under the Companies Act 1965. On the 1st January 2001, Malaysia Life – Asean Life Company Limited was converted to a Public Limited Company (PLC). On 1st January 2006, Malaysia Life – Asean Life Company Limited was renamed to Malaysia Life Insurance Berhad (Malaysia) Limited. The name of the company was changed to Malaysia Life Insurance on 15 July 2007.

Since its inception as a life insurance company many years ago, MLL has evolved into one of the largest insurers in Asia Pacific providing a comprehensive range of life and health insurance products and services covering employers, unions and members as well as non-residents. The company has a network of over 3,000 agents and offices spread throughout the country.

In Malaysia, life insurance is categorised into four types, namely ordinary (ordinary life), endowment (term endowments), savings (savings life) and takaful (takaful life).

The most common form of coverage in Malaysia is ordinary term-life insurance. Its policyholders are able to choose premiums payable in monthly or annual installments as well as the time frame for which the policy will remain active. All policies come with standard riders such as waiver of premium and increased sum assured although these can be waived if the customer is willing to pay extra premiums.

Conclusion

While all of these companies may not be the same, each of them is a life insurance company that focuses on providing affordable life insurance products to people. There are many different types of life insurance products and services they provide.

It’s important to ensure you are adequately covered for your future financial needs. If you don’t have life insurance, it could affect your personal reputation as well as your family’s financial security later on down the line.