The need for life insurance

 The idea of ​​insurance has been developed on the basis that human life is full of uncertainties. Therefore, one has to be prepared and equip oneself with the possible means to deal with it. For example, there are fire risks in the home; for the shipment of products, there are dangers of the sea; and for human life, there is a danger of death or disability.

It is truly said that life insurance offers the surest means of ensuring the financial security of the insured, and also promotes the industry by providing the necessary capital and support for various social security measures.

There is no fixed meaning of life insurance, but it can be defined as a contract in which the insurer, considering a certain premium, either in a lump sum or in regular periodic payment, agrees to pay a company or agency. to benefit from a policy, and the policyholder will be awarded a sum of money, also previously agreed upon, in the event of an unforeseen event in the life of the policyholder.

Life insurance can be a commercial proposition based on the operation of the law of mortality and interest. We all know that our death is uncertain and, in case of the premature death of an individual, his family could be involved in great economic problems.

Life insurance products are generally referred to as plans. These plans are classified in two forms, one is death coverage and the other is life insurance with living benefits. If regular premiums are paid over the stipulated period, the sum insured in the policy is obtained at the end of the period. Or, if the owner dies while the policy is in force, his or her survivors will get an insured sum as compensation for the economic loss.

Unlike other ordinary savings plans, the insurance plan covers the danger of death. In the event of death, the insurance company pays the total sum insured, which would be several times higher than the total premium paid. Thus, it saves the family from financial problems and losses resulting from premature death.

After taking out an insurance policy, if the premium is not paid, the policy expires. That is why it is important to pay the premium for the insurance provided. This creates the habit of saving in the long term, thus developing the habit of saving. Anyone can compare life insurance to any other financial product based on its expiration procedures. Life insurance with savings is a source of investment. The money is paid as a premium in an investment plan with guaranteed profitability.

Life insurance is a necessity for people who have family responsibilities. Middle-aged people with children have potential expenses for their children's education, their settlement, and their marriage.
The claims settlement procedure is very simple. Once the life insurance claim is made, it can be settled easily.
Insecurity and uncertainty in life is the main cause of mental worries.

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