Life insurance, which can also be known as life cover or life assurance, is a type of policy that protects your loved ones with financial support if you die. It can help minimise the financial impact that your death could have on your family and offer peace of mind to those you care about most.
What is the real purpose of life insurance?
The major purpose of life insurance is protection — the instant estate to meet survivor needs. Some policies include a savings feature, but there are many other ways to save money and make investments.
What is life insurance What is its purpose quizlet?
The primary purpose of life insurance is to protect family members of the insured from financial loss in the event of his or her untimely death.
What is life insurance in simple word?
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.