Life insurance helps keep your family takes care of their financial needs in case something happens to you. Essentially, life insurance is a contract where you (as the policyholder) avail financial coverage against life’s uncertainties by an insurance company in exchange for a premium payment over a while. In case something happens to you during the policy tenure, the insurer will pay the sum assured to your policy nominee to pick up their lives where they left off. Having the best life insurance policy for yourself will also give you maturity benefits along with bonuses if you outlive the policy term!
But the trick is to find the right policy term from the right insurer with considerable claim settlement ratio to ensure that the benefits are passed on to your family when the time comes.
Let us talk about some reasons to buy life insurance at all.