Life insurance is a financial product that pays you or your dependants a sum of money either after a set period or upon your death as the case may be.
In legal terms, life insurance is a contract between an insurance policyholder (insured) and an insurance company (insurer). Under this contract, the insurer promises to pay a pre-decided sum of money (also known as “Sum Assured” or “Cover Amount”) upon the death of the insured person or after a certain period.
Life is beautiful, but also uncertain. Whatever you do, however smart and hard you work, you are never sure what life has in store for you.