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Simple English definitions for legal terms
regular life policy
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A quick definition of regular life policy:
A regular life policy is a type of insurance that pays out money when someone dies. The person buying the policy pays a certain amount of money every year, and when they die, their family gets a lump sum of money. It's like a savings account that you can only use when someone passes away.A more thorough explanation:
A regular life policy is a type of life insurance policy that requires the policyholder to pay fixed premiums throughout their lifetime. The policy only pays out upon the death of the insured. This type of policy is also known as a life policy.
For example, John purchases a regular life policy at the age of 30. He pays fixed premiums every year until he passes away at the age of 70. The policy then pays out to his beneficiaries.
Regular life policies are a common type of life insurance and provide financial security for loved ones in the event of the policyholder's death.