Life insurance is not an easy topic anymore as there is a wide range of insurance policies available. However, all of them can be categorized into two types; term insurance and life insurance. Term insurance covers only a certain period of life whereas L.I. is insurance with some other cash value that gets added over time. Out all life insurance is very popular among the population.
When we purchase insurance for our car, it is to ensure you get some money in case of an accident. House insurances are security in case of any kind of loss of your house. Similarly, the purpose of life insurance is to ensure financial aid to your future and for people who are dependent on you.
If you are the only earning person in your life and something happens to you, there should be some security for your family members and so life insurance is the best option that will replace your income for your loved ones if you die. Life insurance doesn’t make anyone rich or acts as a retirement plan but it’s about making you live stress-free.
Life is uncertain and we never know what is going to be next and so in my opinion either its term plan or whole life insurance, we must spend some share of our earnings on it.
This blog was in association with Bascule International Group, one of the leading insurance consultancy service providers.