Life insurance is a legal contract between a life insurance policyholder and an insurer. The terms of the agreement usually guarantee that in the case of the death of the policy owner, the insurer will pay the legal beneficiary of the policyholder a sum of money in exchange for the premiums paid by the policyholder during their lifetime. In some instances, depending on the nature of the contract, terminal/ critical illnesses may also prompt payment to the policyholder by the insurer.
Under life insurance, the policyholder usually pays a regular premium or as a lump sum every so often, depending on the terms agreed in the contract.
Things To Note When Taking Up A Life Insurance Cover
It's a legally binding contract.
For the life insurance policy to remain active, the policyholder must pay a single premium upfront based on the agreed timelines or pay a lump sum as agreed with the life insurance company.
It is mandatory for the life insurance policyholder to accurately disclose their past and current health conditions and also any high-risk activities that they may be involved in.
In the case of death of the life insurance policyholder, the named beneficiary/ beneficiaries are the ones to receive the policy's face value or death benefit.
Permanent life insurance policy remains active till the day the policyholder dies, surrenders the policy or stops paying premiums.
Black Owned Life Insurance Companies1. North Carolina Mutual Life Insurance Company
The North Carolina Mutual Life Insurance Company was founded in 1898 and then incorporated on February 28th, 1899. It was the first black-owned insurance company in the state and the largest in the nation. North Carolina Mutual Life Insurance company was founded with the intention of providing services to the underserved in the community.
Among the company offerings are life insurance, health, disability and annuity products to individuals and groups.
2. Atlanta Life Insurance Company
Atlanta Life InsuranceAtlanta Life Insurance company was founded over 100 years ago by Alonzo Franklin Herndon, who was a former slave. Starting off at a barbershop, Alonzo transitioned into the insurance industry after his barbershop was destroyed during the 1905 Atlanta race riots.
The insurance services offered by Atlanta Life Insurance company include personal Insurance, commercial insurance and group insurance.
3. Booker T. Washington Insurance Company, Inc.
The Booker T. Washington Insurance Company, Inc. is among the black-owned insurance companies that was founded in 1923 and then incorporated in 1931. The company was among the 10 largest black-owned life insurance companies in the country. The company is currently located in Birmingham, Alabama. Among the insurance services offered by the company include life insurance, accident and health covers.
4. Golden State Mutual Life Insurance Company
The Golden State Mutual Life Insurance Company was founded by William Nickerson Jr., George A. Beavers, Jr., and Norman O. Houston on July 23rd 1925. Their mission was to provide African Americans with employment opportunities, as well as insurance services. For eighty-four years, Golden State Mutual grew to become one of the largest black-owned insurance companies. By the 1980s, Golden State Mutual was struggling to maintain profitability because of the economic decline. As a result, Golden State Mutual's policies were taken over by IA American Life Insurance Company in 2009. Some of the services offered by IA American Life Insurance Company include life insurance, accident, and supplemental health insurance.
5. Williams Progressive Life & Accident Insurance Inc
Williams Progressive Life & Accident Insurance Inc is part of the Insurance Carriers industry and I located in Opelousas, LA, USA. It is a black-owned insurance company that was founded in 1932 by M.D.Williams and his wife Bernadine Williams. The company has grown to become the 4th largest black-0wned insurance company in the United States.
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