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life insurance


Life insurance means insuring the death of a person. In that sense the name should be death insurance. But this name does not come in the liking of the people and therefore it is called as life insurance. It is not exciting having a talk on the topic of life insurance. This type of insurance policy has been developed in order to provide financial security to the loved ones of a person in the event of death of that person. Life insurance is now considered as an important step of financial planning in a family.

Today is the world of uncertainties. Nobody can tell for sure that he is absolutely safe and he can’t die today as any thing can happen. Death comes with no indications. But we are not alone. Our loved ones are associated with us and in the event of our untimely death what will our loved ones do? If you are the sole earner in the family then what will your family do after your death? How my wife will provide for proper education of my kids after my death? How my family will repay the loan that I have taken in case of my death?

Life insurance comes as an answer of all these questions. Life insurance has been made in order to provide financial assistance to your loved ones in case of your death. It is a way f securing the future of your family. There may be so many reasons of taking a life insurance policy but you must decide of what kind and of how much amount of insurance is required by you.

The proceeds of the life insurance can be used in number of ways. It can be used to pay for your funeral expenses and paying the medical bills that might have occurred if you were in hospital during your last days. This can be used to pay off the debts that you had taken when you were alive or some other loan. This amount can also be used to pay for the education expense or marriage expenses of your children. This can also be used to pay for daily expenses of your family. And if there is no such need then the amount can also be used as charity.

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The most important thing is to decide that how much life insurance is needed by your loved ones or your family to maintain their standard of living. Calculating a proper amount for life insurance depends upon the financial circumstances of a person. In order to find out the correct amount you should make a rough estimate of all the expenses that will be required by your family in the event of your death and the subtract the amount of your total savings and any find of funds that you have, the amount which will be left will be the right amount of life insurance policy that you should apply for.

After deciding the right amount you should decide the right policy and the right company for taking life insurance.

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