Page 46 - Life Assurance

4- The reserve in life insurance not only
serves to keep the premium level throughout the
premium paying period, but it also serves many
other purposes. The insured may view the
reserve as a savings fund to draw on in
emergencies, as a retirement fund. The reserve
makes possible buffer against the possible lapse of
the policy, as collateral for a bank loan, or as a the
continuance of life insurance beyond age 65 a
period during which there are still many needs for
protection.

5- The major types of ordinary life-term,
whole life, and endowment-may be purchased
separately or in many different combinations to
meet the specific needs of insured. Of the three
types, term insurance has grown most rapidly in
recent years.

6- Most individuals are protected through
group life insurance plans of their employers or
through other groups to which they belong.

The amount of protection is substantial and
constitutes the fastest-growing type of life
insurance.

7- Industrial life insurance collected by
agents through home calls, and credit life
insurance to protect installment loans, to meet
specific needs of the insurance buyer.

146 Life51/life/life 08