What
is life insurance?
Life
insurance is a deal between the insurer and the policy owner, where the insurer
agrees to repay the incidence of the insure persons death or other event like
critical illness or incurable illness. The person agrees to reimburse the cost
in terms of premium for the service. For example, claims associated to fraud,
suicide, riot, war and civil disorder not covered in the insurance. It means life insurance make it sure
that your family will receive full support financially even in your absence.
Why Life insurance?
Life
insurance guarantees financial protection on death or accident. It allows
maintenance of the same standard of living even after the unfortunate end of a
loved one. The receiver can utilize the financial benefits to replace the
income one would have earned or help pay off balance or other expenses. Life insurance
increase confidence to the insured, offers satisfaction to cover for illness,
financial loss or life.
Different
types of life insurance are:
Whole
Life Insurance
Universal
Life Insurance
Children’s
Life Insurance
Senior
Life Insurance
Benefits of life insurance are:
It
has covers death or critical illness.
It
has covers financial interests of the family on the death of the policyholder.
These
products also have inherent wealth creation plan. The people take benefits of
this life insurance. Life
insurance occupies a separate space in the land of investment options available
to a customer.
Life
insurance has different products for different life stages:
They
offer retirement plans.
Some
products offer loan facilities against the plan.
The main benefit if life insurance is tax
saving.
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