This page is usually the first part of an insurance policy. It identifies insured persons, risks or assets covered, insurance limits and the insurance period (i.e. the date the policy is in effect). Before you apply for life insurance, you need to analyze your financial situation and determine how much it takes to maintain the standard of living of your beneficiaries or meet the needs for which you buy a policy. Life insurance is a contract between an insurer and an insurance taker. Life insurance guarantees the insurer that it pays a sum of money to the designated beneficiaries in the event of the death of the policyholder, in exchange for the premiums paid by the policyholder during his lifetime. In 1941, the insurance industry has begun to move to the current system, in which the risks covered are first generally defined in an “all risk” or “all sums” in order to guarantee a general insurance agreement (e.g.B. “We pay all amounts that the insured has legally been required to pay for damages”), and then are limited by subsequent exclusion clauses (e.g. B “This insurance does not apply”).  If the insured wants coverage for a risk taken by an exclusion on the standard form, the insured may sometimes pay an additional premium for the approval of the policy that suspends the exclusion. Financing retirement – policies of current value or investment can be a source of retirement income. This can be done with high fees and lower death benefits, so it can only be a good option for people who have exhausted other tax-efficient savings and investment accounts. The pension maximization strategy described above is another way to use life insurance to fund retirement.
Insurance contracts are designed to meet specific needs and therefore have many features that are not found in many other types of contracts. As insurance policies are standard forms, they have a language that is similar in a wide range of types of insurance.  Many insurance companies offer policyholders the opportunity to tailor their policies to their needs. Drivers are the most common way in which policyholders can change their plan. There are many drivers, but availability depends on the supplier. As a general rule, the policyholder pays an additional premium for each driver or a fee to exercise the driver, although some guidelines take certain drivers into their basic premium. The policyholder and the insured are usually the same person, but sometimes they can be different. For example, a company may purchase key insurance for a major employee, such as a CEO, or an insured may sell its own policy to a third party for cash in a life count.