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Patriachs are conscious of perpetuating their legacies and enduring the well being of their proteges and dependants after their demise !
Beside physical investments , the Insurance industry is a veritable sour e of achieving this aim !
But what is LIFE ASSURANCE to you ???
Is it a Bizarre business model to you ??
Are you holding an insurance policy of any kind beside Life Assurance Policy??
If "Not " , why ???
Are you considering buying into one soon ??
Do the insurers live up to their contracts , to idemnify the insured whenever necessary??
What's your corporate appraisal of the general insurance sub sector of your nation's economy ??
Regardless of the various types of the life insurance policies that are being peddled by the insurance companies, the life insurance policies can be divided into three types of policies.
All the policies you see in the market are a variations of these policies with addons.
The purpose of life assurance is to provide financial protection to your dependents in the event of your untimely death or to yourself in the event of your disability.
Thus if you are a wage earner with no savings and just starting off a life assurance policy becomes very useful. However, if you are wealthy with enough wealth to last your lifetime and perhaps even your dependents, then life assurance makes little sense. To cater to this latter group, insurance companies have devised investment linked life insurance policies. If you are a lousy investor with little or no knowledge of investment, then perhaps this investment linked policies will be useful. Otherwise, it is likely that you will be better off by putting your money elsewhere. If you are a wage earner and just starting off in life, then too it is best to avoid this investment linked policies because the extra money you spent for the investment element in the policy, could be used to increase your coverage limit, which is actually more important for you at the initial stages of your career than buying the investment linked policy.
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Thanks @crypto-insurance . You have actually expanded my knowledge of insurance beyond its hitherto pedestrian level!
I am.grateful!!
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