Description

The purpose of life insurance is to provide the relatives and beneficiaries of a deceased person with some financial aid and help. Life insurance is a contract between the policyholder and the insurance company. The policyholder pays the insurer a premium, which is generally paid on an annual basis. ..

Life Insurance can be defined as a contract between an insurance policy holder and an insurance company, where the insurer promises to pay a sum of money in exchange for a premium, upon the death of an insured person or after a set period.

Life insurance provides financial protection for survivors of the insured, and may meet other financial objectives, as well (a gift to charity, for example). Families should review their life insurance program and policies regularly and make adjustments to meet changes in circumstances and needs.

Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. The company pools clients’ risks to make payments more affordable for the insured.