Celebrated on May 2nd every year. The Day is to acknowledge the sale of Life Insurance Policies in the United States.
|2018||2nd May||Wednesday||United States|
|2019||2nd May||Thursday||United States|
|2020||2nd May||Saturday||United States|
Why Life Insurance Day?
The Day is to acknowledge the sale of Life Insurance Policies in the United States. Life insurance is an agreement defined between the Policy or the insurance holder and the Insurance Company, which assures a lump sum of amount to be paid to the Policyholder family or the beneficiaries defined as per the agreement upon the death or Critical/Terminal Illness of the holder.
Many benefits are available in Life Insurance Policies. This day is dedicated to creating even more awareness about the policies. Therefore, that everyone does own a Policy.
How we can Celebrate or Observe National Life Insurance Day:
Explore more about the insurance plan and join in any, if possible.Choose any of the available plans.
The best plans of life Insurance according to my conscience are: Life insurance Plans -Premiums need to be paid to the Insurance Company that in turn provide a lump sum of amount to your beneficiaries or surviving family members after your death.
Term Plan- Premiums need to be paid for the defined Term. If you pass away during the term, the company shall provide your family or beneficiaries, a lump sum amount whatever mentioned in the contract. If not, the company shall refund the amount to you with or without interest depending upon the policies, you insured.
Whole term Investment Policy-These are permanent policies. The Policies will be alive as long as you pay the premiums. Withdrawal and loan options are also available under this scheme.
Unit Linked Long Time savings-This kind of policies is linked to the stock market shares and subject to risks. This policy includes a Lock time Period for a defined number of years where money cannot be withdrawn at any cost. After the tenure, The Policy owner can retrieve the amount.
Policies for Critical Illness- These kind of policies are almost equivalent to that of Life Insurance Plans. In addition, policies will be designed in such a way, that it insured for a particular disease, like Cancer and so on.
Kindly note that certain eligibility conditions are defined to hold a policy. Beware and analyze it before Joining.
Post the insurance plans if you find it right and best using the hashtag #BestInsurancePlans on social media. Let us create awareness about the benefits of the Life insurance by posting in this Hash Tag #Benefits0fLifeinsurance. Have an Insurance Policy.This would support your beneficiaries financially after your unfortunate death.
Interesting Facts About Life Insurance Day:
- Tax for the Premium paid by the Policyholders is non-deductible as per the federal laws in the United States. However, certain conditions are regulated under Estate and Inheritance Tax, which is subjected to Taxation. Therefore, the Person must thoroughly analyse the scheme before holding the Policy. The State Legislatures and the United States Congress have the Power to change or withdraw the policies at any time after formal information.
- The insurance holder needs to pay premiums on the basis whatever mentioned in the Contract. These Contracts are categorized into Protection level policies and Investment Level Policies.
- Protection Policies are provided to the customers that provide benefits in case of any incidents within the defined term or as a whole lifetime coverage.
- Investment Policies are to enhance the Capital growth on the Premiums provided by the insurance holder within the stipulated term.
- Other than Life Insurance, Insurances for Properties, Disability, Health, and Medical are also available. Life Insurance for Military Personnel and Veterans are also available. Have a look at the Official Website of the United States Government.
History of Life Insurance Day:
In 1760, the sale of Life insurance policies began in the United States. On May 2, in 1759, Life Insurance Policies are implemented on behalf of the relief of widows and children of Presbyterian Ministers. After a year, the same day has been observed as the Life Insurance Day in the United States.