Life Insurance is a contract between an insurer and individual, whereby the insurer agrees to pay out specific amount of money upon the individual’s death (or in cases or terminal illness). The individual pays an agreed premium for the length of the contract.
The UK Life Insurance industry is operated by over 200 companies in the UK which provide almost 40% of the UK's population with some form of life cover.
Financially, it's a vast industry - in 2006 over £30 billion was paid in premiums to life insurance companies and a similar amount was paid out to policy holders by the insurers (Source: ABI).
There are several types of life insurance policy available depending on an individual's circumstances. Some policies are designed to offer financial stability to loved ones on the death of the policy holder whereas others are designed to pay off the balance of a mortgage on death.
Many life insurance policies are offered by banks and general insurance companies and employment in the sector is buoyant. At the time of writing (Nov 2009), some of the jobs in life insurance available include:
Assistant Underwriting Manager
Life Claims Administrator
Mortgage Protection Advisor
Qualified Life Actuary
Pricing Actuary
Life Underwriter
Do you work in Life Insurance? Would you like to contribute to our "Day in the Life of..." series? Email us at info@topfinancialjobs.co.uk for more details.
