The numbers are encouraging when one sees those who are opting for various types of insurances.
We humans have a well-developed sense of protection when it comes to safeguarding our material belongings. In that context, life insurance becomes a must for every individual as it protects one financially. What makes life insurance unique is that it provides financial support in case of death of the policyholder. This ensures that the future plans of the family remain unaffected. A term insurance plan acts as an income replacement for the family of the life assured. Today, most individuals avail of loans—home loans, car loans, etc.—which are liabilities. In case something were to happen to the individual, the family is burdened with the responsibility of repaying the loan, which could pose a challenge in the absence of a regular source of income.
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Esta historia es de la edición January 2016 de Outlook Money.
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