What is life insurance?
It is a contract between a policyholder and an insurer in which insurer guarantees an amount to be paid to the named beneficiary in case of demise of the policyholder. An insurance company promises this death benefit in consideration of the premium paid by the policyholder.
Regardless of how much you earn, no one knows what exactly the future holds. And in case you are a sole breadwinner for your family then your sudden demise can shake your family both emotionally and financially. In case you have invested in life insurance your loved ones could be spared from regular household expenses, debts of yours, and they can maintain their standard of living.
We all love our families and the least we can do is buy a life insurance plan for them.
Benefits of Life Insurance –
- It will give you peace of mind and you won’t need to be worried about what will happen after you.
- Makes your loved ones financially independent after you.
- Protect your home mortgage, loans, credit card borrowings, etc.
- Covers cost of your funeral and burial, your family need not worry about these costs.
- Your family can maintain their lifestyle even after you are not in their lives.