Life insurance
Life insurances, including pensions and life annuities, provide payments depending on life or death of a particular person.
Life insurance comes in two basic types: term life and whole life. Term life insurance pays out only in case of the holder's death. Whole life insurance is an investment that pays out later on whether the holder is alive or dies. This type seves as a type of investment that gives a return and is more expensive than term life.
Documents that may be required for payment on life insurance include:
- a life certificate stating that a person was alive at the date of issue;
- a death certificate stating that a person died on a particular date.