![]() ![]() Of the many types of plans available, most include a deductible paid by the insured, and benefits received are tax-free. Health insurance pays for medical, surgical and hospital services received by the insured, as well as routine and preventive care, usually within a network format. Traditional health insurance, which is not included in this section and are not considered a part of the life/annuity sector, are described under Private Health Insurance. In addition to annuities, accident and health, and life insurance products, life insurers may offer other types of financial services such as asset management. Traditional life insurance products such as universal life and term life for individuals, and group life, remain an important part of the business, making up the remaining 25 percent of direct premiums written. Accident and health insurance, which includes distinctive products apart from traditional health insurance, accounts for 27 percent of direct premiums written. An income stream can be for a set time period or over the lifetimes of the contract holder or beneficiaries. Annuities are contracts that accumulate funds or pay out a fixed or variable income stream. The emphasis has shifted to the underwriting of annuities, which accounted for 48 percent of life/annuity direct premiums written in 2020. Traditional life insurance is no longer the primary business of many companies in the life insurance industry. ![]()
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