LIFE INSURANCE
A life insurance policy functions similarly to a backup savings plan. To maintain the policy’s validity, you must routinely pay your insurance company a set premium. Your life insurance policy ensures that, in the event of your death, your family or authorized nominees will get a sizeable payout.
The two basic categories of life insurance policies are Savings Plan and Pure Protection Plan.
BENEFITS
Life Insurance Benefits
Although life insurance has several advantages, the main one is that it can give you and your family financial stability in the event of an emergency.
You could be wondering about the advantages of life insurance and its significance before making an investment in a policy. The financial protection that life insurance provides to beneficiaries in the event of the policyholder’s premature death is one of its most important advantages. The life insurance death benefit can replace the family’s income and assist in paying off outstanding debts.