Term & Whole Life Insurance
Life insurance is a contract between an individual and an insurance company, where the individual pays regular premiums in exchange for financial protection for their loved ones in the event of their death. It provides a lump sum payment, known as the death benefit, to the designated beneficiaries upon the insured person’s demise or untimely disability. Personal and family life insurance plans provide financial security, income replacement, and peace of mind for individuals and their loved ones. However, if not handled properly, these plans can lead to insufficient coverage, policy lapses, estate planning complications, and beneficiary disputes. It is crucial to assess insurance needs accurately, regularly review policies, and seek professional advice to ensure the proper handling of personal and family life insurance plans.