Many people have devised different ways of making sure their families and children do not suffer once they are dead. One of these ways is the signing of life insurance policies and contracts. According to Insurance Hero, a life insurance or assurance cover is a type of insurance policy or contract that is entered between the insurer and the insured.

The insurer promises to pay a financial benefit or amount of money to the family, children or other beneficiaries suggested by the insured. On the other hand, the insured referred as policy holder in this case is obligated or required to pay the insurer some money referred to as premium. This amount of money is paid on monthly basis or at intervals agreed by both parties.

This amount can even be paid once or in a lump sum. According to Insurance Hero, this type of insurance policy is divided into two. That is protection and investment policies. Under protection policy, your beneficiaries receive a lump sum amount after the agreed occurrence occurs. On the other hand, investment policy aims at increasing or growing your capital base from paid premiums.

According to Insurance Hero, there are three components that dictate life insurance policy. These include a death benefit, the type of life assurance and the premium. Death benefits and type of insurance whether investment or protection are used to determine the premium that you will have to pay, read more now!

This is because, if you want your beneficiaries to get a huge death benefit, then your premiums will be higher. On the other hand, if you want an investment life insurance policy by Insurance Hero rather than protection insurance cover, you are likely to pay a higher amount of premiums. In addition, there are other types of life insurance covers available. These include.

1. Life Insurance for Smokers.

According to Insurance Hero, a smoker is a person who has been smoking different types of cigarettes for more than one year. Other tobacco products such as e-cigarettes, tobacco chewing gums, cigar, and nicotine gum and patch consumers are also classified in this category. The insurance premiums for these policyholders is not less than twice the normal price of life insurance premiums. In some cases depending on the years the person has been smoking, the policyholder may be forced to pay even four or five times the normal premium price. Get more facts about insurance at https://www.huffingtonpost.com/gary-dekmezian/how-to-save-money-11-mone_b_8255358.html.

2. Life Insurance for Expats.

This is also termed as Smart Life Insurance or global insurance policy. It is usually provided for experts in various fields who move to other countries but leave their dependents behind. It may also be provided to those who have relocation plans. The amount of premium to be paid in this case is determined by factors such as the insurance sum total amount, the age of the policyholder, gender, occupation, hobbies, sports played by the policyholder, the new residence place and how long the contract should last among other features.