Everyone desires a quality life free from the possibility of a financial crisis for their loved ones even after passing on. However, this dream of a better future can only be achieved by those who adequately prepare for it through efficient financial plans like a life insurance policy.
Many families suffer financially after the breadwinners pass on due to lack of adequate financial backup to take care of the dependents. The best way to avoid such a scenario is to have life insurance coverage. Life insurance is simply an agreement between two parties, the insured and the insurance policy provider.
The insured is required to pay an agreed premium while the insurer is obligated to provide death benefits to the named beneficiary of the contract after the insured passes on.