Life Insurance

What is Life Insurance?

Term life insurance rates are worth their weight in gold should you ever need to make a claim . Life insurance is a simple and inexpensive form of life insurance coverage that pays out a lump sum (the sum assured as specified in your life insurance policy) in the event of the death of the policyholder.

Life insurance is similar to any other type of insurance policy . It is a contractual agreement between the life insurance company and the insured person. The insured person agrees to pay the term life insurance rates and the insurer in return pays out for any loss as specified in the life insurance policy. The life insurance payout is tax free.

Life insurance protects you from financial loss in the event of the death of the policy holder. It is protection for your loved ones or those left behind. The life insurance payout ensures that you don’t leave you debt or bills to those left behind. Term insurance rates are charged on either a single or joint life basis. Depending on the life insurance plan, some policies pay out on the diagnosis of a terminal illness during the term of the life insurance policy.