A life insurance policy is a contract with an insurance company. In exchange for premiums (payments), the insurance company provides a lump-sum payment, known as a death benefit, to beneficiaries in the event of the insured’s death.
Goal of Life Insurance
To provide a measure of financial security for your family after you die.
Things should be considered before purchasing the Life Insurance Policy
- Financial Situation
- Standard of living you want to maintain for your dependents or survivors