The death of a family member is traumatic, to say the least, especially if he or she was the bread-earner of the family. At such times, the bereaved family members have to cope with not only a personal loss, but a financial crisis as well. This is where life insurance comes into picture. It guarantees that in your absence, your loved ones are taken care of, and are financially secure.What is Life Insurance?
Life insurance is a legal contract between two parties, namely the insurance company, and the policyholder. It ensures that the beneficiary receives financial support in the event of the insured's death or accident. The terms of the insurance policy state that the policyholder agrees to pay the specified premium at regular intervals. Life insurance depends on a host of factors, including the age, income, expenses, outstanding loans, number of dependents, health, etc. It is mainly of four different types, universal life insurance, term life insurance, whole life insurance, and endowment life insurance
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