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Do you have a life insurance policy? Do you know why it is so important
to have a life insurance? A life insurance policy is very important
since it provides protection to you and your near and dear ones. People
who are employed in risky professions such as firefighters, dare
devils, members of the armed forces etc are exposed to grave risk to
their lives & therefore require a life cover more than others.
Getting your life insured is equivalent to getting it financially
assured. The policy is a contract between two parties: The individual
who is getting his life insured and the insurer. A life insurance
provides a financial cushion to the family members of the deceased.
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Some common types of life insurance policies includA Life Insurance
policy is a contract between two parties: The insurance company and the
insured. It involves a transfer of risk to the life of the insured
individual to the insurance company at a cost that is called the
premium of the insurance policy. In this way, a life insurance provides
a financial cushion to the dependents of the insured person. Under a
life insurance policy, the policyholder nominates someone to get the
assured sum in case of his death. On the occurrence of such an event,
the insurer pays the insured amount to the nominated person mentioned
in the insurance contract who may be a family member of the deceased.
This amount is irrespective of the total that may have been paid for in
the form of insurance premium by the insured.
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