What are the qualities that make an insurance agent a good insurance agent?

An insurance agent is the one who can be consulted when one is in need of insurance. The need for insurance can be of any type, but all a person needs to do is reach out to their insurance agent and they will take care of the rest. They will not only find the best insurance plans but will also take care of documentation, risk minimizations, claim settlements, etc.
There are several benefits of consulting a good insurance agent, one can save time, money and energy. But the real question is how to identify a good insurance agent in Bolingbrook from various brokers out there.
There are some very crucial characteristics of a broker that makes them worth one’s money and time and they are mentioned below:
Interpersonal skills
A good agent should have great interpersonal skills so that they can communicate with their clients effectively. Having good communication and people skills means the broker can talk and listen to their clients and their demands and expectations. Listening helps in building a relationship of trust between the agent and the client, which in turn will be beneficial to the client and the broker in the long term.
Client servicing
The core of the success of businesses lies on good customer support. Insurance agents are no different, they should also provide good quality support to their clients by listening to their problems and finding effective and substantial solutions to them. They should be able to answer questions and help their clients through phone calls and e-mails and, if needed, face to face.
Strong personality traits
People usually tend to look for experience and good communication skills, but forget about their personality. Personality plays a bigger role when it comes to dealing with clients and their problems. An agent should be eager to listen and solve issues immediately. They should also be honest in nature and tell the truth always, revealing all vital facts to their clients.
Technical knowledge
Other than all types of personality factors, the main thing that an insurance agent must possess is thorough and detailed knowledge about the insurance industry. They should have sound knowledge about various insurance products and insurance plans and what their individual advantages and disadvantages are. They should know what products will fit their client's demands and then design out a personalized selection list for them. They should also have technical knowledge about legal clauses, taxes, claim settlements, financial risks and leverages, etc.

Good marketing skills
Lastly, an insurance agent should have great marketing skills which make them more alert about the customer’s requirements and how to make them realize their own needs. A good marketer is not a person who just sells a product, rather, they also should make their customers aware and informed about other options and how these options can be helpful to them in the future.
A good insurance agent in Bolingbrook would have all these qualities.

Understanding Marine Insurance - History and Nature

A Marine insurance is a contract, whereby the insurer promises to indemnify the insured person against all the losses, which may occur to the subject matter of the policy. A policy of marine insurance contains the terms and conditions and the manner for providing indemnity to the assured for losses suffered in respect of the subject matter, in the course of any marine adventure.
History and Evolution of Marine Insurance:
Marine Insurance first began during the end of the 12th Century in the cities of Northern Italy, and was the first type of insurance imported to England. They wrote the first policy of its kind in 1300s.
    In the ancient times, different kinds of trades took place. Firstly, trades were land based. Moreover, later on, there was use of even the water route for trade purposes, and water transportation became more commercially significant. On passing of the Bubble Act, 1720, two insurance companies, by the names of London Assurance and Royal Exchange Assurance, obtained charters in 1720. In 1860s, after the passing of the Joint Stock Companies Act, 1862, many companies providing marine insurance came into existence. Now, the Marine Insurance Act, 1906, regulates the Marine Insurance business in England.
    In the early 18th century, the merchants from US generally obtained insurance in London. Later on, by 1740s, insurance brokers started operating in Philadelphia and Boston. The formation of The Insurance Company of North America, America’s first Marine insurance company, was in 1792 in Philadelphia. In the US, unlike Britain, the individual underwriting in marine insurance had completely disappeared by 1815, and most of the marine insurance businesses were carried on by joint stock companies, including six in New York, five in Baltimore, seven in Boston, and eight in Philadelphia.
Marine Insurance at present and its types:
The Marine Insurance business has come a long way since its inception. At present, there are numerous companies providing marine insurance policies. Classification of Marine Insurance is in three parts
•    Hull Insurance - ‘Hull’ means body or the frame of a ship or boat. Hull insurance is concerned with the insurance of the hull, machinery, etc. of ships/boats. There are various categories of ships and vessels, like coastal vessels, ocean steamers, fishing vessels, sailing vessels, dredgers, builders, inland vessels, jetting and wharves, etc.
•    Freight Insurance The ship-owners not only have an insurable interest in the ship, but also in respect of the earning of freight during the period of insurance. ‘Freight’ denotes the amount of profit derived by the owner of the ship by employing his ship to carry goods of his own, or of a third party.
•    Liability Insurance - The marine insurance policy may further cover the hazards of collision or running down.
•    Cargo insurance - Cargo means any kind of merchandise, property, wares, goods, etc. carried on ships. Cargo insurance may be included in a marine insurance policy.
While choosing a marine insurance policy, one must understand his requirements first. There are Insurance agents in Elgin providing various kinds of insurance, including retirement, medicare, long term care, short term care and insurance policies. Insurance agents determine the specific needs of every customer and curate the best policy for their benefit, ensuring total customer satisfaction.

Life Insurance Policies - Kinds and Categories

Classification of Life insurance policies is broadly dependent on the following criteria:
I. Policies based on Duration
•    Whole life insurance policy - Under this category, the periodical payments of premiums are paid by the Life Assured throughout his lifetime, and the amount assured becomes payable only on the death of that person. In other words, a whole-life insurance plan resembles a Term Assurance Plan for an unspecified period, which is dependent upon the duration of the life of the assured.
•    Limited Payment Whole life Policy - It is a customization of an original ‘whole-life policy’, where the Life Assured determines the period for which the premium is to be paid, but the assured sum is payable only on the death of that person.
•    Convertible whole-life policy - This includes a policy, which was originally a limited payment whole life policy, but comes with an option of being converted to an endowment plan after a certain number of years. In case the policy is converted, the premium is certainly increased.
II. Term Insurance Policies
Term insurance is for a shorter period. The sum assured is payable only when there is death of the Life Assured, with such limited period. In case the assured person survives, the assurance ends on the expiry of such fixed period. Types of prevalent term insurance policies are as below:
•    Guaranteed level Term Insurance Policies - It falls under the category of most common term insurance taken by people. It refers to a fixed period of the policy, during which the annual premium does not increase. This generally is for duration of 10 years or more.
•    Annual Renewable term Policies - An annual renewable term life insurance policy denotes a short-term policy, which is renewable each year for a definite time length.
•    Return of Premium term insurance - In this type of term insurance policy, the premium is returned in case the assured person survives after the expiry of the of the policy term.  These policies are generally for a term of 15, 20 or 30 years.
•    Decreasing term insurance - Decreasing term insurance policy denotes that with the passage of time, the claim decreases. In other words, the benefit on death reduces over the period of the policy.
III. Universal Life Insurance Policies:
Universal life insurance policies are a mixture of both, term life insurance and whole life insurance, and provide a combination of the protection of traditional term insurance and the value growth attribute of whole-life insurance.

Which Life Insurance Policy should you choose?
As much as it is important to have a life insurance policy in your name, it is equally important to choose the right policy for yourself. The best way to avoid confusion and mistake is to take help from an insurance agent. Insurance agents in Geneva can help to secure your family’s future, by providing all kinds of financial assistance they need. They offer a number of insurance policies to choose from, as well as help you in making the right choice.

Insurance agents in Wheaton ensure the safety of customers

Located in the west of Chicago, Wheaton is a Dupage County seat in Illinois and is a suburban city in Milton. To ensure the safety of citizens of Wheaton, the insurance agents of Wheaton provide various insurance services including Auto insurance services, Homeowners insurance services, Life insurance services, Business insurance services.

Once you buy any vehicle, the first concern that arises in your mind is the safety of that vehicle. In Wheaton, the safety of vehicles is one concern, but not the only concern for vehicle owners. Another concern is the law of the state. For the protection of vehicle owners and also for the safety of other motorists, the state law asks for some kind of insurance. Also, the requirements for coverage differ according to the financial responsibility of the owners of the vehicle and also considering the requirements of the state the owner lives in. Even after obtaining a license, some state asks for liability insurance.

Insurance agents in Wheaton provide citizens of Wheaton with Home insurance services and look after the safety of citizens’ homes. Home is a place which always remains close to our hearts as it is the place which shelters us. It relaxes us after a long, tiring day. Wheaton ensures the protection of your home, your home belongings and, most importantly, your peace of mind. Wheaton Insurance agents understand the significance of caring for your home and caring for your loved ones who reside in that home, that's why they offer reliable homeowners insurance services. These services include personal property protection, dwelling coverage and other services from which customers can benefit. The insurance agents in Wheaton give keen consideration to their customer’s budget and provide homeowners insurance services which best suit their budget as well as their needs.

Financial protection comes as an added advantage to the home insurance services. Consider someone who got a serious injury on your property; in such a case, if the injured person sues you, you would be in trouble and would have to bear financial repercussions. Such a situation can be mitigated by home insurance services as a proper home insurance limit guarantees you won't be paying any legal fee from your pocket. Insurance agents in Wheaton extend their homeowners insurance services to the second home or the vacation home of their customers. So, no matter where your family or your guest goes, they would be guaranteed protection.

Insurance agents in Wheaton also consider the significant unit of individual property - Business. They understand the significance of business and recognize the fact that this unit requires protection. They provide their customers with business insurance services. Business property can be affected by various occurrences. Catastrophes, unexpected injury to customers or employees, some major accident, or maybe some incident which causes temporary closure. All these factors can affect your business in significant ways. The right kind of business insurance policy protects your business against this phenomenon. The insurance agents in Wheaton help you with their policies which covers everything.

Insurance agents in Plainfield

Insurance has established itself as a household name nowadays. Technically, it offers people compensation against any damage incurred to their assets. These assets can be subjective, and their meanings can vary in accordance with the type and motive of insurance taken by the insurer from the insurance company. The residents of Plainfield living around the beautiful Commissioners Parks are no alien to the concept of insuring and the insuring agents and their buyers are relevant in Plainfield just like any other part of the United Sates.
Types of insurances
Insurances in today’s world cover vast domains of assets as per understandings between the insured and the firms selling policies. Despite a wide number of articles covered under numerous policies, there are only two distinctions, namely, Life Insurance and General insurance. As the name indicates, Life insurance covers the risks on the life of the insured. The nominee gets the policy amount after the death of the insured. It can further be a whole life insurance or a term life insurance where payments can be made through an annuity or lump sum transactions. General insurance, on the other hand, covers all kinds of insurances apart from the one mentioned earlier. Here, the policyholder gets the compensation when the loss of the insured item is caused by events which are out of direct control or influence. These types of insurance may cover fire damages or marine insurances which have further divisions amongst them. Lastly, we have miscellaneous insurance, which covers theft or burglary insurance, motor vehicle insurance or property loss insurance.
Principles of insurance
Unlike many new enterprises and contemporary trending ventures, insurance agencies and their workers as insurance agents or office bearers have been closely linked to the principles of Insurance. There are seven principles which shape the working of insurances. We have the principle of having utmost good faith or Uberrimae Fidie which guide a worker to have an affirmative faith and patience. We have principles of Indemnity and insurable interest where security against lost cause to the insured is assured. Likewise, we have other principles like loss of minimization and contribution. Together, all these principles work to present insurance as a great way to prevent loss to the insurer. Not only this, it also gives a relief and calm to an individual by the subsequent sense of security. Indeed, they mobilize the savings of the insurer as their investments in the various insurance policies which are further utilized by insurance companies to earn revenues in the form of dividends from them.
Challenges in becoming an insurance agent
Though the insurance policies and companies may look very tempting to their growing numbers and significant demand among the masses, but meeting or maintaining these patterns is not easy. Various insurance agents have been reported under stress as they have to deal with the pressure to sell. Insurance agents in Plainfield are often heard saying how marketing and networking consumes a great proportion of their time and sweat. Moreover, it has been widely observed how customer policies and following regulations gets tricky for an agent because of their dynamic nature. Agents have raised worries over misconceptions that people have around policies which prevents the agents to make them fully understand the policies and get loyal customers. 

Insurance agents in Lombard ensuring a safe environment

Lombard is a suburb of Chicago and is a DuPage County Village in Illinois. The insurance agents of Lombard aim at the safety and security of people living in Lombard and provide them with reliable insurance services. The different variables and variety of options which come under the coverage of an Insurance policy makes it important for an individual to look for the insurance policy which serves their needs best and fulfill the specific requirement of customers. The Insurance agents of Lombard focus on discovering such policies for their customers, which meets all general and specific requirements of customers of Lombard. The skilled, proficient, and experienced insurance agents of Lombard aim at delivering the best possible services at the comfort of their customers.

Insurance agents in Lombard provide with home insurance services, auto insurance services, business insurance services, and most crucial, life insurance services, assuring the citizens of Lombard that when it comes to insurance, they are in safe hands. When it comes to auto insurance, agents focuses first on understanding the insurance needs of customers in details and how these needs are changing as customers are traveling along their road of life. They then put them to work on framing such insurance program which serves the insurance coverage most comprehensively while being at the competitive pricing.
 
To get your vehicle insured with the right policy is a very important thing to do after you buy your personal vehicle. To demonstrate the importance of personal automobile insurance, let’s consider the situation where your vehicle meets with an accident and gets damaged or is vandalized or got stolen. If in such cases your vehicle doesn’t have an auto insurance policy, it would be you who would have to bear the losses and would, further, pay for them. But if you have an insurance policy for your vehicle, your liabilities or the damages caused by the accident would be covered and paid by the insurance company. Also, it covers the medical expenses of an individual who suffered an injury in an auto accident. The right auto insurance policy helps you get the required coverage on the road.

Home is a shelter for all individuals and has a very dear place in our hearts. It provides us refuge from the harsh conditions of our environment. This human property needs protection against the various agents like theft, burglary, catastrophe, accident. To guarantee protection to the home of an individual, the insurance agents of Lombard provide with effective home insurance services. They ensure that home insurance services provided by them are consultative, considerable to the needs of customers, and comprehensive in nature.

The insurance agents in Lombard give serious attention to the life insurance services they render to their customers and use a consultative approach. The main aim of this consultation is the empowerment of the customer while aiming at the financial and physical health protection of customers. The comprehensive life and health insurance programs offered by Lombard insurance agents seek to protect what matters most to the customers.

Insurance agents in Glen Ellyn

Insurance is a word known to individuals throughout the globe and has reached all corners of the globe riding along the rapid industrial growth and consequent growth of office bearers. Insurance companies have seen profits at an unprecedented rate where a colossal degree of money is often unaccounted and is transferred under the jurisdiction of the state. Glen Ellyn hopes to emerge as an attractive alternative for more population settling around the village to enjoy the peace it offers and thus will require a more diverse and intense service sector in which financial organs led by insurance companies will have a significant role to play.

How does insurance really work?

Insurance, as known to all of us, refers to the legal binding between the insured and the insurer, the company selling the insurance. The insurance company is bound to compensate the loss incurred by the individual. The details relating to the terms and conditions are written down properly in the insurance policy following which the nominee or the insured gets the compensation or the insurance amount. Insurances provide an opportunity to protect the insured and his or her close aides from future unexpected losses. It is generally found that the premium for an insurance cover is comparatively way less than the sum paid as compensation. Insurance companies sell their policies and take money from people in the form of premiums. However, in reality, a very small percentage of people end up claiming the policies after facing adverse situations and this is why insurance policies are sold to the masses at such a low price. It must be noted that any individual, firm or company can demand an insurance cover, but it lies upon the insurance company and its discretion. It is observed that, very often, insurance companies deny selling policies to applicants who they consider to be under the bracket of high-risk seekers.

Duties of insurance agents

Duties or responsibilities of an insurance agent may not be as simple as they look. Insurance agents in Glen Ellyn are supposed to call an umpteenth number of clients to increase their customers. They are further asked to interview potential clients to fetch their financial assets or resources and plan the existing coverage with the customer. They must actively analyze the current insurance policies of their clients and suggest meaningful modifications. As agents, they are expected to manage policy renewals and assist clients in settling their claims.

Insurance agent as a job

Insurance agents may either be captive agents or independent insurance agents depending on their association with insurance companies. The majority of insurance agents work in offices, although many of them might be seen travelling to attend meetings with clients. It must be taken into consideration that work environment may be subjective, which may depend on the company that employs the agent. Often, when employed in smaller companies, agents must work alone or with only a few co-workers. Moreover, the work timings of the job may be in accordance with the convenience of the clients where weekends may also go occupied.

Insurance agents in Carl Stream

Insurance is fairly trending throughout the world nowadays. Insurance refers to a process or procedure of insuring a worthy asset. These assets that can be insured can range from visible holdings like cars or homes to the life of a person. Insurance in its technical manifestations specifies a contract which is represented by a policy. As expected, the individual receives reimbursement against losses incurred. Insurance is delivered to masses by agents who are called by the name of “insurance agents”.
Significance of insurance today
In an era where new enterprises are being initiated every hour, it is consequent to find a great degree of capital flowing into the market and this is where the functions of insurance come into play. Insurance policies are used by firms to hedge against the risk of big and small financial losses. Added to the direct benefits, insurances are also treated as an asset and are often an eminent part of financial evaluation. It often attracts more capitals into the firms by showcasing the security and minimal chances of severe capital losses. Moreover, various risk factors in insurances mean a wide range of risks being covered which further help sustain the basic operations of a business without a threat to its existence.
What is needed to be an insurance agent?
Being an insurance agent requires various sets of skills. An individual is expected to have a high school degree or a passing certificate relating to the diploma. Apart from basic academic requirements, a great deal of soft skills is required from an insurance agent. Positive attitude, or PMA as called, at combined insurance helps the agent to work tirelessly and pass basic terms of insurance to the consumer with a positive outlook. Communication with internal colleagues and officials, along with the pitching of policies to customers happens every day and is an essential part of one’s work as an agent. Pitching is one of the first steps towards work done by an individual which are followed by effective customer service which may include listening to various queries and creatively finding a way out. An agent must be patient and persistent to sustain his job without losing interest, hope or desired returns.
Insurance policies in the US
America, with a society of high literacy and commendable per capita earnings has, as a result, great demand for insurances. It is observed that schemes like Obamacare have really increased the reach of insurances through the states. However, the federal government in its reports still mentions that nearly seventy percent of Americans have private insurance coverage. It is also believed that with the rapid growth in trends of establishing enterprises calls for a greater role of service sector where the financial aides and insurances will have a role more significant as compared to any time in the past.
 Insurance agents in Carol Stream offer many plans like Medicare supplement plans, Medicare advantage plans, part D drug plan, universal life insurance plan, final expense life insurance plan, guaranteed issue whole life insurance plan, guaranteed lifetime income retirement plan, long term and short care insurance plan among other plans. 

Insurance agents in Batavia

Insurance, in today’s world, is an eminent part of livelihood. It has been observed that most people have been directly linked to insurances in one way or the other. A settled office goer who is paid fair wages would have his life insurance covered and a contract worker working to earn at outskirts of basic wages would either be enrolled in an insurance granted by the state or might have bought a general insurance in accordance with mandatory clauses of various laws. Rise in enterprises nowadays call for more insurance policies into the market as these firms must prevent themselves from colossal capital loss. Insurances also strengthen their appeal to the masses and present them as a secure destination to invest.
Qualities to find in an insurance agent
The work of an insurance agent is not as easy as anyone could think. It is not limited to being a good salesman and selling policies, but requires a set of attributes to proceed with the work in an efficient manner. A good insurance agent requires analytical skills to evaluate the attributes of every client and further determining the most suitable insurance policy. He or she should have good communication skills to communicate with the clients in an effective manner. The initiative should also be found in an insurance agent where he or she has to approach new clients to maintain the inflow of new customers to keep commissions coming. Lastly, the agent must have self-confidence where he or she must make cold calls to prospective customers. Insurance agents in Batavia are expected to speak in a clear and precise manner with the clients and maintain good composure if they are rejected.
Personality and interests of an insurance agent
It is noted that most insurance agents typically have an interest towards helping others. They are expected to be keen on organizing and persuading. The agents must be focused on assisting, counseling, teaching and serving people with all sorts. They are expected to influence, sell and motivate many of the clients and other people. They have to work with information and processing so as to keep things arranged in a structured system.
Job prospects of being an insurance agent
The insurance agent is an attractive alternative for many college graduates who possess sales ability, expertise in the fields of insurance and other services relating to finance. They are also checked to ensure they have a good customer relationship skill. It is noted that multilingual agents will have an advantage as they are thought to serve a wider base of audience. Moreover, agents may also know insurance relating terminology which is many times technical and helps in a firm understanding of technical aspects. It is often seen that many agents fail to get an income which may not meet their income goals and eventually end up changing their careers. Agents may also suffer from stiff competition from traditional brokers who sell various insurance policies. Insurance agents are supposed to increase their customer base, not only for their returns, but also because it offers better consolidations among brokerage firms and banks or insurance companies as demands only increase as a result of financial planning which is comprehensive and elaborate.

How to select the right independent insurance agent?

There is a huge importance for insurance as one can insure almost everything these days. But getting insurance, according to one's needs and requirements can be tiresome and also very time-consuming. This is where an insurance agent in Aurora becomes a necessity as they can help in choosing and buying insurance, keeping in mind all the demands and budget of their client.
Relationship with an insurance agent is a long term one, which means one needs to be very careful while choosing the right agent for themselves, or else, instead of any benefit, one may have to face operational troubles in the later stage. Mostly, people prefer independent insurance agents to those agents who represent big insurance companies as they will only try to sell their own insurance. Whereas, the independent agents can compare several insurance plans from different companies and then select the right one for their client.
Therefore, there are certain things that one needs to keep in mind while selecting an independent insurance agent.
Research about the agents
The first thing to do is to find various independent insurance agents in one's location. This can be done by searching on the internet as most of the independent agents usually have their own websites. Also, one can ask around in their family and friends circle if they know any agent or, better yet, has hired an agent for their insurance works. Asking for referrals is great because, this way, one can already know about the experience people had while dealing with the agent.
Know about the shortlisted agents
Out of various insurance agents, one should shortlist and find out more about the ones on the list by researching on them to be certain of the one to select. Some of the things that one should find out about the insurance agents are:
•    The location of their office: this is important if one wants to make sure they can easily visit their offices in case of any need related to insurance claims. This will also help one to form a good relationship with the agent which can then lead to a trusted long-term deal.
•    Check credentials: it is very important to ensure the insurance agent one is hiring has all the required knowledge and expertise to guide one through different aspects of insurance. They should be able to help one through the deciding stage about coverage, limits, claims, etc.
•    Past experience: the experience of an insurance agent will tell a lot about their work ethics and if they are trustworthy or not. One can ask about their previous clients and know about their experience in working with a particular agent.
Interview the agents
After checking through every detail about the independent insurance agents, it is very crucial to have a face to face interview with the agent. Meeting up with an agent can tell a lot of things about their personality and if they are professionally fit and have sound knowledge about their industry, so that they can be worked with for a longer time period.

Advantages of consulting an independent insurance agent

There are several insurance companies and many types of insurance plans which one can choose from. However, there is still a need for a good insurance agent, the question is why? One of the main reasons behind it is that most of the people who want to buy an insurance plan are not that knowledgeable about how insurance works and how to do all kinds of documentation etc. This is the reason why insurance agents are so important as they act as middlemen between the insurance company and the buyer of the insurance.
One can choose from two types of insurance agents, the independent agents who do not work for any company and can sell any type of insurance to their clients, or the company agents who work for a particular company only and thus will sell the insurance plans of that form exclusively.

One can experience certain benefits of hiring an independent insurance agent and they are discussed below:
Variety
Independent insurance agents in Naperville are the ones who can search and find insurance plans from various insurance companies which are suitable according to their client’s requirements and needs, therefore, one can enjoy a huge variety of options to choose from. This is not possible if someone gets a director captive agent who belong to a certain company and thus will only offer a limited variety to choose from. 
Economic
Instead of buying directly from a company, if one chooses to find an independent insurance agent to buy insurance from, they will save a lot of money comparatively. This is because if a customer is not experienced in buying insurance, then a company can be dishonest with their rates, however, an insurance broker will use their experience and portfolio to get honest rates from the companies which will be cheaper. Also, a good broker will help their client in understanding various risks and exposure and how to minimize them.
Time efficient
Researching various insurance selling companies and their risks and prices can be a time-consuming process, this is the reason why consulting an independent insurance broker can be a lot helpful. They are basically a one-stop shop, where one can find any kind of insurance plan, whether personal or commercial, without having to spend a lot of time comparing different factors by oneself.
Easy to understand
Insurance can be a difficult subject for many as they come with several difficult terms and legal clauses. If one does not have the proper knowledge about these clauses, then one may end up taking a misinformed decision. To avoid such situations, one can consult an insurance broker who has enough experience and expertise to guide their clients through every document and procedure without any fail.
Client support
This is the biggest benefit of an independent insurance agent, that is, one can easily communicate with them in case of any trouble or emergency. One can have a trustworthy and positive relationship with their insurance broker so that in the case of any problem, they can consult their agent without any second thought.

A look at History, Definition and Nature of Life Insurance

Life Insurance means insurance on the life of an individual. Life Insurance is protection given to one person against the damage he may suffer through the death of another. Life insurance generally consists of the various kinds of insurances, such as whole-life insurance, term insurance, universal life insurance, endowment insurance, joint-life insurance, annuity insurance, marriage endowment insurance, temporary insurance and many more.
Origin and History of Life Insurance:
Life Insurance appeared first in England in the sixteenth century. The issuance of the first insurance policy was in England in 1653 AD to one Richard Martin, a citizen and council member of London on the life of William Gibbon, a citizen and Salter of London. In later years, the ordinary life insurance business extended to accident insurance and further by industrial and technological advancements, to industrial insurance. America incorporated the first life insurance corporation in the year 1759
Nature of Life Insurance:
Life insurance is in the nature of contingency insurance and it does not provide an indemnity. One of the effect of life insurance not being a contract of indemnity is that on the happening of the event insured against, the insurer has to pay the agreed amount irrespective of whether the assured suffers any loss or not.
    Life insurance comprises any contract in which one party agrees to pay a pre-set  amount upon happening of a particular event contingent upon the extent of human life, in consideration of the immediate payment  of a smaller sum of certain corresponding periodical payment by another party.
Essential Elements of Life Insurance:
To constitute life insurance, the following ingredients are to be satisfied -
•    It is a two-party contract.
•    It is a contract dealing with the life of a human being.
•    There is no necessity for the contract to provide for the payment, only on the death of the person.
•    A provision is made in the contract for payment of a lump sum, in return for periodic payments of premium,
•    The compensation of the insured amount is at the termination of an assured period or on the death of the person (whichever is former).
Object of Life Insurance:
Proposals are normally entertained, when the object of the assurance is-
•    Provision for old age
•    Family protection
•    Protection from accidents
•    Tax concessions
•    The employers fulfilling their liability
How do you select best insurance agent?
The most favorable insurance agent will be one, who will assist you with all your insurance requirements. Your insurance agent should guide you and plan for the risks that you need to be covered. There are Insurance agents in St. Charles, who provide with a variety of insurance policies to choose from, depending upon your needs. They offer insurance policies with final expenses, with simplified as well as guaranteed issue and a universal scheme of life insurance as well. They also offer Medicare supplement plans and retirement plans as well, with guaranteed lifetime income.