Richee84
Active member
Most people are familiar with life assurance but don't actually know the type of life insurance we have and what they can benefit from been a policy holder.
Life insurance is defined as the possibility of life to occur, that is, it is certain for what we insured to happen or come to an end.
Examples of life assurance is;
1). Term assurances; This the protection against financial consequences of unforseen circumstance about life. It is of the believe that life will definitely come to an end one day and therefore the policy holder of life assurance is ready to protect his or her dependants should life happen to him or her anytime..
2). Whole life assurance; This is also part of life assurance since it is certain to come to an end one day. They include personal savings with insurance company,, savings towards a child education, savings for a particular target and so on. Most people don't know that they can also have personal savings with an insurance and which is even more safer than the commercial banks.
The advantage having savings with insurance company over commercial bank is that the policy holder have a life cover, which mean even if anything happen to the policy holder the insurance company will pay the beneficiary the sum assured and the life cover
Life insurance is defined as the possibility of life to occur, that is, it is certain for what we insured to happen or come to an end.
Examples of life assurance is;
1). Term assurances; This the protection against financial consequences of unforseen circumstance about life. It is of the believe that life will definitely come to an end one day and therefore the policy holder of life assurance is ready to protect his or her dependants should life happen to him or her anytime..
2). Whole life assurance; This is also part of life assurance since it is certain to come to an end one day. They include personal savings with insurance company,, savings towards a child education, savings for a particular target and so on. Most people don't know that they can also have personal savings with an insurance and which is even more safer than the commercial banks.
The advantage having savings with insurance company over commercial bank is that the policy holder have a life cover, which mean even if anything happen to the policy holder the insurance company will pay the beneficiary the sum assured and the life cover