Life insurance is an agreement between an insurer and a policyholder. In return for the fees charged of the client over their existence, there is a benefit. Thus, a life protection policy promises that the insurer will pay an amount of cash to specified heirs. People hire life insurances in order to assure their family’s safety. The relatives included in the insurance policy are those who might be financially disadvantaged if the policyholder died.
Also, there are some financial benefits of life insurance, such as income growth of capital gain and tax-free profits. Families need to know that their children are being cared for with good schooling, nutrition and well being in case of an accident or worse. So, insurance coverage allows families to provide for their families’ well being.
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