What is Life Insurance ?

Life insurance is a contract that offers financial compensation in case of death or disability. Some life insurance policies even offer financial compensation after retirement or a certain period of time. Life insurance, thus, helps you secure your family’s financial security even in your absence. You either make a lump-sum payment while purchasing a life insurance policy or make periodic payments to the insurer. These are known as premiums. In exchange, your insurer promises to pay an assured sum to your family in the event of death, disability or at a set time.

Life insurance can help you support your family even after retirement. Depending on what it covers, Life insurance can be classified into various types:

Why Life Insurance ?

Life Insurance is a financial cover for a contingency linked with human life, like death, disability, accident, retirement etc. Human life is subject to risks of death and disability due to natural and accidental causes. When human life is lost or a person is disabled permanently or temporarily, there is loss of income to the household.

Life Insurance is needed :

To ensure that your immediate family has some financial support in the event of your demise.
To finance your children’s education and other needs.
To have a savings plan for the future so that you have a constant source of income after retirement.
To ensure that you have extra income when your earnings are reduced due to serious illness or accident.
To provide for other financial contingencies and life style requirements.

You should seek the help of an insurance agent or broker to understand your insurance needs and suggest the right type of cover. Contact us today to avail best policy.