LIFE INSURANCE
The concept of insurance is the essence related to the protection of economic value of the assets. Every asset, whether physical or in the form of human life has a value. However, there is a normally expected lifecycle for every asset. During which time it is expected to perform its assigned role.
NEED FOR LIFE INSURANCE
The need of insurance arises from the chances of occurrence of an accident destroying or making an asset non-functional. Coming to the term with the loss of a loved one is never an easy thing to do and adding financial burden to the grief can make coping increasingly difficult. Insurance can help to support the family after the earning member's death. Among the reasons to take out life insurance could include:
Replacing the primary earner's salary - ensuring the family does not fall on hard times after your death.
Replacing childcare - the death of the primary childcare provider could lead to the need for childcare expenses.
Education expenses - cover for school/university fees after the death of the primary earner.
Mortgage repayments - to arrange for the mortgage to be paid off.
Whether it's about leaving debts behind or ensuring the family's maintenance of the standard of living to which they were accustomed, it's clear there are plenty of reasons to look for the best life insurance policy for personal circumstances.
Life insurance offers a way to replace the loss of income that occurs when someone dies (usually the person who produces the majority of income in a family situation). It is a contract between you as the insured person and the company or "carrier" that is providing the insurance.