what is 3rd party life insurance?

Question

I noticed my boyfreind looking it up and am not quite sure what it is? Can anyone explain?

Answer 1

As the name indicates, third-party life insurance is sold by a life insurance company acting as a third party, often as part of a structured settlement. For example, if you get in an accident and have injuries that are permanent or require ongoing medical treatment, you will need more than a lump payment. That’s where a third party life insurance company can come in. People often settle a case like this pay funding an annuity – through a life insurance company – that will pay the injured person a set sum for a set number of years or the rest of their life.

If you’re boyfriend has questions about life insurance or annuities, have him check out MostChoice.com. I work there, and they specialize in getting people in touch with local insurance and annuity agents. There’s no pressure or obligation to buy anything. The idea is that by talking local annuity/insurance agents you will better understand what you’re looking for and chances are you will be more likely to buy a product from someone who helps you understand it than from a stranger.

You can find the site here:
http://www.mostchoice.com/life-insurance.cfm

Hope this helps,
[e-mail]

Answer 2

Here we can get 3rd party insurance with our cars. It means that if we kill or seriously injure someone in another vehicle, or other road users, our insurance will cover a law suit up to the amount insured.

Answer 3

if any body is hurt by you the insurance agency pay to him on your behalf. it is cheapest one. if your vehicle is damaged they will not pay they only pay you if you have comprehensive insurance.

regards,
google

Answer 4

all it is, is a second insurance. it doesnt pay as much as the primary does.