What is the need of perpetual Insurance?
Although it may sound as something that transcends the insured person’s life, perpetual insurance is nothing of that sort. A this type of contract is a special homeowners’ contract. Whereas in normal contracts, there is a fixed term and a reimbursement period, in the case of a perpetual insurance contract, there is no clause limiting the contract in time in any way. Essentially, a perpetual insurance contract never expires during the lifetime of the parties unless they themselves choose to cancel it.