Basic Guide to Life Insurance What it is, Why and How to Choose a Policy?

A life insurance policy can be termed as a pact between two entities- viz. an insurer and a policy holder. The latter pays a fixed sum of money called the premium for the policy to the insurer who, in the unfortunate event of the death of the policyholder will pay a lump sum of money to the family members or a specified individual, also known as nominee. Hence, such a policy provides coverage for the life of an individual policyholder.

Why is a Life Insurance Policy Important?

Death in itself is a loss that is one of the most difficult to cope with. In such a situation, the last thing that should concern a family, spouse, children or any other dependent are the finances. Here, if the provider has a life insurance policy in place, then his/her family stays financially covered. When an individual is the sole earning member of a family and has dependents, an insurance is something that he/she should never compromise on.

By investing in a good policy, an individual will have peace of mind regarding the financial security of all dependents in his/her absence.

Buying a Policy

One can invest in a life insurance policy from the numerous credible agencies that have a functional web portal. Alternatively, he/she can also seek the advice of an insurance agent who will help in choosing the right policy. It should be remembered here that, with an insurance agent, one has to bear additional charges related to the commision to be paid whereas investing in a policy online does not involve such charges.

So, by putting in some research regarding the life cover, premium amount, the premium payment term and the policy term, one can easily find the best scheme to invest in.

The resource given under will provide details about these aspects of a life insurance policy: Life Insurance – A Quick Guide

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