Life Insurance

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Life Insurance

Life insurance (or commonly life assurance, especially in the Commonwealth) is a contract between an insured (insurance policy holder) and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the “benefits”) in exchange for a premium, upon the death of the insured person. Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policy holder typically pays a premium, either regularly or as one lump sum. Other expenses (such as funeral expenses) can also be included in the benefits.

Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; common examples are claims relating to suicide, fraud, war, riot, and civil commotion.

Life-based contracts tend to fall into two major categories:

  • Protection policies – designed to provide a benefit in the event of specified event, typically a lump sum payment. A common form of a protection policy design is term insurance.
  • Investment policies – where the main objective is to facilitate the growth of capital by regular or single premiums. Common forms (in the U.S.) are whole life, universal life, and variable life policies.

Our MGT USA sponsors also offer the life insurance policies and tools you need to help provide for the ones you love – now and in the years to come. If you want to learn more about life insurance, please feel free to contact our sponsors or utilize the tools on their website via our MGT USA local portal. Their Life Planning tools and information will help you get up to speed on everything from the basics to advanced planning options.

Solon

Solon (soh-lin) is a city in Cuyahoga CountyOhioUnited States, and is a suburb of Cleveland. It is part of Northeast Ohio‘s combined Cleveland-Akron-Canton metropolitan area, the 15th-largest Combined Statistical Area in the country. According to the United States Census Bureau, in 2012, the city population was estimated at 23,160.[6]

The city has been recognized by Money in its list of “Best Places to Live” multiple times, placing 23rd in 2009,[7] 3rd in 2011,[8]and 10th in 2015.[9][10] The city has been rated as one of the safest in Ohio,[11][12] has a highly rated public school system,[13]and was ranked as one of the “best places to raise kids” by Bloomberg Businessweek.[14]

 

Solon has a strong economy and in 2013 and 2014 was granted a Google eCity award, recognizing it as the city with the strongest online business community in Ohio.[15]