What Is Life Insurance and How Does It Work?

Life insurance is considered as an investment as well as protection for your family. Life is uncertain and anything could happen to...



Life insurance is considered as an investment as well as protection for your family. Life is uncertain and anything could happen to anyone so insurance provides protection and is regarded as one of the main financial planning tools. So, it is good to insure and be risk free. The premium payable depends upon insurance life, amount, age etc. The premium payable is very reasonable as anyone can get insured.

Suppose an earning member of a family who has debt in his name dies suddenly then it becomes difficult for the family to survive as well as pay the outstanding debt.  The family could suffer a lot. However, if the person was insured, the family would not suffer, as insurance would have helped them in their hour of need. In life insurance the insurance company pays the sum insured in the case of death of that person. The person insured pays a sum of money as premium for a definite period or until his death whichever is earlier. The person who gets insured should disclose all required information correctly as insurance is called a contract of good faith.

There are 2 categories of Life Insurance:

Term insurance: Under term life insurance a person pays premium monthly or yearly for a certain period. If the person dies within the period then the amount is paid to his beneficiary if not, he receives no money. The premium payable is less when you are young and increases as you age.
Permanent insurance: A person is insured through out his life in permanent insurance. People who wish to insure themselves for a long term are benefited with this type of insurance. Premium should be paid regularly to avail death benefits. The amount of premium paid is high initially and becomes less as you age.

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Savvy Life Mag+: What Is Life Insurance and How Does It Work?
What Is Life Insurance and How Does It Work?
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