What is Life Insurance?
In today’s world most of us are aware of what Life Insurance means. Life Insurance in a nutshell means a policy that people buy from Insurance Company, which can be the basis of protection and financial stability of the family in case of any unfortunate eventuality (death, disablement). Simply put, Life Insurance is a Protection Tool for the earning member of a family whereby if anything happens to this particular person and his earning stops, then the family should not suffer from financial crisis.
Life Insurance is an Insurance of a person’s life. So, if he were to die, his family would receive an amount of money called the Sum Assured, which would help the family to take care of the financial crisis which would arise from the sudden inflow in income. To get this benefit, he would have to pay a certain amount of money called Life Insurance Premium to the Insurance Company every year as per the contract.
The author is the CEO of MyInsuranceClub.com, an online insurance price & features comparison portal
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