In this highly competitive world where life is full of uncertainties it is vital to have some protection for you and your family. Life insurance is a great tool designed to trim down the burden of this uncertainty. Life insurance offers protection for your loved ones. It’s a way to shield your family after your death.

Life insurance can be defined as, “Insurance that guarantees a specific sum of money to a designated beneficiary upon the death of the insured or to the insured if he or she lives beyond a certain age.”

Simply life insurance is a contract between insurer and insured, where insurer (insurance company) consents to pay a certain sum of money to the insured (policy holder) on the occurrence of an event. In return policy owner makes the periodic premium payments to the insurance company at regular intervals. Insurance policy taken by an individual can cover the events-death, diagnosis of a terminal illness, diagnosis of a critical illness, disability due to ill health, permanent disability, accidental death and requirement for long term care.

There is a variety of life products that suit different needs. Term life polices and whole or permanent life polices are main types of life insurance polices. Term life policy assures to pay a certain sum of money upon the occurrence of death of policy holder. The amount of premium of term life insurance policy depends on value of policy, age and health of policy holder. Whole or permanent life insurance policy offer life long protection and death benefit to the beneficiaries at lower total costs. There are many varieties of this type of policy and policy holder can choose any one according to his/her requirements.