Importance Of The Life Insurance Policy
Life insurance is a security or protection that can be purchased and guarantees the insured persons in the event of death
. The insurer assumes the risk is the risk of the insured persons death. This is a better idea to purchase life insurance plan in order to secure the familys future, mainly if a person is the only earner. Moreover, insurance policy also provides the financial help to pay for funeral expenses and hence, make sure that the death of the insured will not be a financial burden on his or her family.It is essential to know the policies and procedure of life insurance in order to understand its value. An insurance policy has three members: the insured, the insurer, and the insurance company. The insured person gets the policy profits upon the insured persons death. The owner of the insurance policy or insured person can change the beneficiary.
There are a number of banks who provides the various attractive offers of insurance policy for the people. Reliance Life Insurance and SBI life insurance are insurance companies, which provide the valuable life insurance policies for the people.
In order to take more benefits from insurance plan with an insurer, the insurer must determine or judge the quality of lifestyle of the insured person. The insurer determines the risk of insuring the people. Many insurance companies do not give the insurance to people who have the serious health problems. The banks and Insurance companies provide differing policies and charge different amounts of life insurance on the basis of risk estimation. The health determination of the insured person is a part of the risk evaluation.
Life insurance is a legal agreement which has various terms and conditions. In case of the suicide of the insured person, most banks or insurance companies will declare the policy cancel and revoke. The banks and Insurance companies investigate the circumstances of the insured person's death. A death certificate is necessary to prove the death of the insured to the banks or insurance companies.
Life insurance policy occupies a large amount of time to mature. The insurance policy matures in the event of the insured persons death and also when the person reaches at a certain age. The insured persons have to give the different premiums over time according to the policy. The insurance policy will be terminated, if the insured fails to give the premiums.
Life insurance is a valuable thing which provides the financial security and protects the familys future. The insurance policy facilitates in covering all the expenses of funerals and hence, the persons death will not be a burden on the persons family.
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