Morbid Insurance, Life Inspolicy

A traditional life inspolicy contracts between policy owner and insurer (insurance company). The policy owner pays an agreed upon premium during the life of the contract or lump sum. If the insurer stops paying a premium, depending upon the policy, the life insurance policy may be declared invalid. Upon the death of the insurer, beneficiary or beneficiaries named on the life inspolicy  receive a lump sum amount.

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Most life inspolicy , death benefit paid conditional upon death attributed to natural causes, accidental death or related to a sickness. When purchasing a life inspolicy for someone else, such as a relative (wife, husband, grandparent or child), insurable interest must be present:

Establishing a sufficient strong relationship with that person based on blood, marriage or monetary interest (Examples: A creditor insures a debtor's debt will be paid after death, relationship between a business and a key employee or the relationship among partners in a partnership or stockholders in a limited held corporation.

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