Sunday, April 29, 2012

Life Insurance

No matter whether you belong to an optimistic or pessimistic lot, life tends to answer both expectations. One of our biggest worries in life is the well-being of our loved ones. Life insurance is a guarantee that if the day comes when you can no longer care for the people you love, they will still be supported financially and taken care of.

Life insurance (life assurance) is a certain contract between you (the insurance policy owner) and the insurer, according to which the policy owner is paid a reimbursement in case the insured event occurs (i.e. the policy owner's death). You, as the policy owner, agree to pay a fixed premium on a regular basis. Life insurance deals with such insured events as death and accidental death, excluding suicide, war and some other factors from the insurer's liability.

Whether you are single, married, a single parent, a stay-at-home parent, a business owner with self-supporting children, retired, or fall under some other category, life insurance applies to all situations and should be seriously considered to fit into your long-term plans and budget.

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