life insurance
Insurance in simple word can be
said as a helper with benefits. It takes premium every month or as per contract
and they help you when you are in need of the money. They insure you to help
and claim some amount of money for the thing you have insured for. It maybe
your vehicle, home, health, your labors, while travelling, companies and even
your life. When you get into an accident and your vehicle gets damaged
insurance company helps you out, your home gets on fire; insurance company
helps you. You get sick or some labor in your company or factory gets injured
the insurance company helps you out if you have signed contract with the
insurance company.
Life insurance means to insure
people’s life during their illness; it’s somewhat similar to health insurance but
not exactly. This policy is a contract between two people that is an insurer
and assurer; an insurer is the person who agrees to pay certain amount of money
with a promise to gain a premium as per the policy. The contract is made
depending upon the period of premium the assurer signs. As life insurance is a
legal policy made by the company, it cannot deny paying the insurance amount in
case of death of the person to the family of the dead person. It claims amount
for the funeral and other expenses after death but only if the death is
occurred naturally or by accident. As per the policy the amount will be taken
by the insurance company but if the death is occurred naturally then the amount
will be given to the one whose name is signed as a nominee in the policy. But if the death is due to suicide or any
criminal case then the insurance company will deny claiming the insurance
amount. But as we all know each and everything in this world has its good as
well as bad aspect. Life insurance also has its advantages and disadvantages.
The good things about the life insurance is that it helps the people even after
the death; helps in funeral expenses and hands over the nominee the amount of
insurance but only in the case of natural death or accidents only if they have
the proof. Usually the air accidents are the main problem because there are
some situations where the dead body of people are not found then the insurance
company denies to claim the insurance amount which becomes a problem for the
family members.
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