Question
In: Finance
Why do we need life insurance? Who needs life insurance? Describe the different policy types and...
Why do we need life insurance? Who needs life insurance? Describe the different policy types and the advantages and disadvantages of each?
Solutions
Expert Solution
Why do we need life insurance:
To ensure that your immediate family has some financial support in the event of your demise. To finance your children's education and other needs. To have a savings plan for the future so that you have a constant source of income after retirement.
Who needs life insurance:
Any person who has dependent should take life insurance.
Different policy types:
Term Life Insurance:
Term insurance is a life insurance product offered by an insurance company which offers financial coverage to the policy holder for a specific time period.
Whole Life Policy:
The policyholder pays regular premiums until his death, upon which the corpus is paid out to the family.
Endowment Plans
Endowment plans pay out the sum assured under both scenarios - death and survival.
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