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Life is uncertain, while death is unavoidable and certain, its time is not. In case of premature death of the breadwinner and the family suffers a financial loss because their source of income is lost. It becomes difficult to meet the lifestyle expenses and the financial goals when the breadwinner dies unexpectedly, and the family might face a financial crisis. A life insurance policy comes in handy in this context. The policy covers the risk of premature death and provides financial assistance to the family to face the loss suffered due to the breadwinner's death.
A life insurance policy is a contract between the policyholder and the insurance company. Wherein the insurance company promises to cover life risk of the policyholder. Life insurance policies cover the risk of dying too young and the risk of living too long. Moreover, there are health-oriented plans also, which cover the financial loss suffered in a medical contingency.
The life insurance policy is taken for a specific tenure, and a particular level of coverage called the sum assured. You are required to pay a premium for availing of the coverage offered by the policy. After that, in case of premature death during the policy tenure, the stipulated death benefit is paid. If, on the other hand, the tenure comes to an end and the life insured is alive, a maturity benefit is paid under some saving based life insurance plans. The life insurance policy, therefore, protects you against the risk of premature death and also, in some plans, pays a maturity benefit if you survive the policy term.
Therefore, the life insurance policy protects you against the risk of premature death and in some plans, pays a maturity benefit if you survive the policy term.
The need for a life insurance policy stems from the fact that death cannot be predicted. In the case of early death, you and your family might suffer a financial loss, if you have not made any financial provisions for them.
In life, you may have different types of financial goals like –
All these financial goals require funds, and so you save and invest in creating the needed funds to fulfil them. However, in the unfortunate case of premature death, your savings are cut short, and these goals remain unfulfilled. If you buy a life insurance policy, your family will fulfil these goals even when you are not around. The life insurance policy would give your family a financial pay-out in case of your untimely death, and this pay-out would provide your family with the necessary funds to fulfil their goals. As such, a life insurance policy is important for creating financial security for yourself and your family.