How does insurance work ?

[parkingandride]

E.g aviva insurance 16 dollars a mth pay out 100k when pass away..

If a guy live up to 100 yrs, 16 x 12 x 100yrs total only 20k...

So aviva take 20k but pay out 100k ??

 

[goldwingseeker]

when time for u to pay premium, the insurance coy very on

when time for u to receive payout, the insurance coy very slow

 

[gravity_infinity]

E.g aviva insurance 16 dollars a mth pay out 100k when pass away..

If a guy live up to 100 yrs, 16 x 12 x 100yrs total only 20k...

So aviva take 20k but pay out 100k ??

technically, they reinvest the money so that the amount will be greater than 100k when u claimed due to old age.

something like that though i think insurance of term up to 100 may cost more.

 

[Laguna123]

E.g aviva insurance 16 dollars a mth pay out 100k when pass away..

If a guy live up to 100 yrs, 16 x 12 x 100yrs total only 20k...

So aviva take 20k but pay out 100k ??

If u pass away naturally Aviva don't have to pay u a single cent.

 

[arcanum00]

E.g aviva insurance 16 dollars a mth pay out 100k when pass away..

If a guy live up to 100 yrs, 16 x 12 x 100yrs total only 20k...

So aviva take 20k but pay out 100k ??

Anyway, the 100k 100 years later worth the same as the 100k today?

An average inflation rate as low as 2% have roughly 7 times the money today, upon compounding.

 

[FuzzyMuzzy]

16$ a mth pay out 100K when pass away is most probably a term life plan, which means only cover death up to a certain age. Over tt age if you die, insurer don't pay. Multiply that by all the pple in the same Plan that doesn't claim because they don't die before tt age plus investment income over the years, and insurers will make money.

 

[Litmuss]

E.g aviva insurance 16 dollars a mth pay out 100k when pass away..

If a guy live up to 100 yrs, 16 x 12 x 100yrs total only 20k...

So aviva take 20k but pay out 100k ??

If only the premium maintains $16 throughout your life.

Aiyo, premium bound to increase as you age and the Aviva one has age limit.

 

[soarer]

dunno about aviva but buying insurance means you bet with the company that you will die. so when you die they pay you your bet...not to you but to others. So you still won't reap the benefits. Like that you still buy?

 

[arcanum00]

If only the premium maintains $16 throughout your life.

Aiyo, premium bound to increase as you age and the Aviva one has age limit.

Possible. There is fixed payment term insurances.

I guess TS is asking about the general idea since what s/he mentioned was pretty vague.

 

[parkingandride]

Yap. I refer term insurance. Buy is for sake of kids e.g ? How it works ?

 

[bobibobioh]

dunno about aviva but buying insurance means you bet with the company that you will die. so when you die they pay you your bet...not to you but to others. So you still won't reap the benefits. Like that you still buy?

i'm more worried abt permanent disability than dying

 

[arcanum00]

Yap. I refer term insurance. Buy is for sake of kids e.g ? How it works ?

Roughly, it insures one within a duration. Not die within the covered duration, no payout. It has no cash value also.

 

[soarer]

i'm more worried abt permanent disability than dying

Why worry? You live unhealthily?

 

[lucified_lance]

Why worry? You live unhealthily?

disability not necessary comes from unhealthy life style.

could come from idiotic cyclists, or ******** drivers

 

[Ole Gunner]

please google

 

[kenzon]

Didn't reas

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[lostasor22]

Confirm term insurance. After a age u bo die. Receive nth

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