What Is Life Insurance Explain Its Importance. If you're married and have kids, this can matter a lot, especially if you're the primary breadwinner. In return the insurance company pays a sum assured to your family if you die during the policy tenure.
King of INSURANCE: what is General insurance from image.slidesharecdn.com One of the primary reasons people get life insurance is to help ensure their loved ones won't face financial hardships if they pass away unexpectedly. Here are a few other reasons why having life insurance is important. Life insurance can be defined as a contract between an insurance policy holder and an insurance company, where the insurer promises to pay a sum of money in exchange for a premium, upon the death of an insured person or after a set period.
Why is life insurance important?
Here is how it works. Life insurance can be defined as a contract between an insurance policy holder and an insurance company, where the insurer promises to pay a sum of money in exchange for a premium, upon the death of an insured person or after a set period. If the members of a family are financially dependent on one person of the family, their ability to pay debts, manage household expenses, and maintain a standard of living can get affected in case of unfortunate demise of the insured person, which is why taking life insurance becomes important. Why is life insurance important?
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