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Life Insurance

Life Insurance, also known as Life Assurance is a contract between an insurance policy holder and an insurer or assurer where the insurer promises to pay a designated beneficiary some benefit (money) in exchange for a premium upon the death of the insured.

What is Life Insurance?

The insurer and the policy holder have a contract in which the insurer guarantees payment to the nominee of the insured person in case of the insured persons death. The death benefit is a consideration of the payment of premium by the insured.

Purpose of Life Insurance

You have a loving family. You may have parents, a spouse and even children. All of them are dependent on you to some extent, if not completely. All is well until one fine day; something unexpected happens to the breadwinner of the family who goes on his final journey forever. Now, in his absence, if he had bought Life Insurance before, the company would have taken care of the family needs for a specific amount of time.
The purpose of Life Insurance is to take care of the immediate financial needs of the deceased (insured) person’s family. Financial support would be provided at the time when the family is financially and emotionally stressed. At least the financial aspects can be taken care of.

Important Factors to consider while opting for Life Insurance:

Your medical history

It is very important to reveal your medical history to the Insurance Company. If any information is concealed, the nominee will be denied the Insurance cover when the insured is no longer around.

Insurance cover

The cover ought to be adequate and sufficient to cover the needs of the entire family apart from inflation and other liabilities.

Lifestyle habits and diseases

It’s better to 4reveal your lifestyle habits and diseases. Concealing your smoking habit or any other habit/disease/addiction will lead to rejection of Life Insurance claim.

Premium

You have to check for larger sum assured with lower premium rates. That will prove helpful for you and your nominee(s).

Policy Term

How long is the tenure? This is imperative to find out. The longer the tenure is the better.

Benefits of Life Insurance:

  • If the insured person held any debt before death, the debt will be cleared by the Insurance Company
  • When the insured person dies, the family would be strained financially and emotionally. While emotional support can be given by family and friends, financial support would be given by the Insurance Company
  • If the Insurer had minor children at the time of death, they need not have to discontinue their education due to lack of adequate finances as the insurance company will provide that money till they are 18,
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