Life Insurance
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Life Insurance
What is Life Insurance ?
Life Insurance is defined as a contract between the policy holder and the insurance company, where the life insurance company pays a specific sum to the insured individual’s family upon his death. The life insurance sum is paid in exchange for a specific amount of premium
As death is the only certain thing in life. It is the best way to financially secure the family in the event of a fatal mishap .
Life Insurance Definition & Explanation
If you were to go by the dictionary definition, “life insurance” is a financial product that pays you or your dependants a sum of money either after a set period or upon your death as the case may be.
In its simplest form Life insurance means being prepared financially, come what may. It ensures that your family and you receive financial support in case you are not able to bring in the much-needed income yourself (maybe due to an accident, retirement, or untimely demise).