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Life Insurance
Life insurance (or commonly life assurance, especially in the Commonwealth) is a contract between an insured (insurance policy holder) and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the “benefits”) in exchange for a premium, upon the death of the insured person. Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policy holder typically pays a premium, either regularly or as one lump sum. Other expenses (such as funeral expenses) can also be included in the benefits.
Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; common examples are claims relating to suicide, fraud, war, riot, and civil commotion.
Life-based contracts tend to fall into two major categories:
- Protection policies – designed to provide a benefit in the event of specified event, typically a lump sum payment. A common form of a protection policy design is term insurance.
- Investment policies – where the main objective is to facilitate the growth of capital by regular or single premiums. Common forms (in the U.S.) are whole life, universal life, and variable life policies.
Our MGT USA sponsors also offer the life insurance policies and tools you need to help provide for the ones you love – now and in the years to come. If you want to learn more about life insurance, please feel free to contact our sponsors or utilize the tools on their website via our MGT USA local portal. Their Life Planning tools and information will help you get up to speed on everything from the basics to advanced planning options.
Odessa
Odessa /ˌoʊˈdɛsə/ is a city in and the county seat of Ector County, Texas, United States. It is located primarily in Ector County, although a small portion of the city extends into Midland County.[3] Odessa’s population was 118,918 at the 2010 census making it the 29th-most populous city in Texas; estimates as of July 2015 indicate a population of 159,436 in the city.[4] It is the principal city of the Odessa Metropolitan Statistical Area, which includes all of Ector County. The metropolitan area is also a component of the larger Midland–Odessa combined statistical area, which had a 2010 census population of 278,801; a recent report from the United States Census Bureau estimates that the combined population as of July 2015 is 320,513.[4][5] In 2014, Forbes magazine ranked Odessa as the third fastest-growing small city in the United States.[6]
Odessa was founded in 1881 as a water stop and cattle-shipping point on the Texas and Pacific Railway. The first post office opened in 1885. Odessa became the county seat of Ector County in 1891 when the county was first organized. It was incorporated as a city in 1927, after oil was discovered in Ector County on the Connell Ranch southwest of Odessa.[8]