Life insurance or life assurance is a contract between the policy owner and the insurer, where the insurer agrees to pay a sum of money upon the occurrence of the insured individual's or individuals' death or other event, such as terminal illness or critical illness. In return, the policy owner agrees to pay a stipulated amount called a premium at regular intervals or in lump sums. There may be designs in some countries where bills and death expenses plus catering for after funeral expenses should be included in Policy Premium. In the United States, the predominant form simply specifies a lump sum to be paid on the insured's demise.

Key Benefits of Life Insurance:-

Asset Protection:-
The core benefit of life insurance is that the financial interests of one’s family remain protected from circumstances such as loss of income due to critical illness or death of the policyholder. Simultaneously, insurance products also have a strong inbuilt wealth creation proposition. The customer therefore benefits on two counts and life insurance occupies a unique space in the landscape of investment options available to a customer.

Goal based savings:-
Each of us has some goals in life for which we need to save. For a young, newly married couple, it could be buying a house. Once, they decide to start a family, the goal changes to planning for the education or marriage of their children. As one grows older, planning for one's retirement will begin to take precedence.
Clearly, as your life stage and therefore your financial goals change, the instrument in which you invest should offer corresponding benefits pertinent to the new life stage.

Simply put, life insurance gives your loved ones financial security after you're gone. You pay a monthly premium, and if the unexpected happens, your loved ones get a death benefit they can use for things such as medical bills, funeral expenses, outstanding mortgage, college tuition and even living expenses.

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There are two types of benefits during death when a person chooses a universal insurance policy. When a person invests in this policy the increase or decrease of his cash value does not influence the policy amount. Moreover when there is an increase in cash value the insurance company creates an extra insurance policy for the increased amount.

Certainly life insurance protects those you love from the financial effects of your untimely death. Also your life insurance can assist you to pay off or get rid of your debts, if you take life insurance, and later sell the policy to a third-party buyer willing to give the premium on the insurance. The disadvantage here is that such buyer will become the beneficiary of the life insurance settlement after you pass away.

Life Insurance is a way of Savings .

1. Savings (depends on Mode- monthly, Quarterly , Half yearly, Annual)
2. It can be used as a tax savings
3. It can Give u Pension
4. It Can Protect ur Family
5. Investment through life insurance can also b done
6. Now u also have mutual fund investment

Many are still under the illusion that they can do without life insurance. But in actuality there is no demographic of society that could do without the sense of security and peace of mind that an insurance policy would bring. Life insurance can help in many ways. A good policy can help you offset burial expenses, pay off any debts, mortgages and estate taxes, pay for your children’s educational loans, look after your spouse’s retirement fund, help maintain your family’s standard of living in your absence or could even be dedicated to the charity of your choice in case you have no dependents in need of financial aid.
From children to senior citizens, for those in the pink of health to those with chronic health conditions, from smokers to non-smokers, there is a policy out there to suit every individual requirement and with the help of an online service provider, you can receive multiple options to make your choice more well informed and accurate.

Denise at AccuQuote
Disclaimer: I work for AccuQuote and this is my personal opinion.

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The core benefit of life insurance is that the financial interests of one’s family remain protected from circumstances such as loss of income due to critical illness or death of the policyholder. Simultaneously, insurance products also have a strong inbuilt wealth creation proposition. The customer therefore benefits on two counts and life insurance occupies a unique space in the landscape of investment options available to a customer.

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