Life insurance is commonly known as life assurance. It is an agreement between the consumer and the insurer, where the insurance company offers financial protection or coverage to your family so that they can continue to lead a stable life even in your absence. The payment regarding terminal illness and critical illness depends upon the norms of the insurer. The consumer pays a specified premium amount in lump sum or at regular intervals. Here, your life cover premium depends upon various factors such as age, gender and health condition.
You should buy an insurance cover, the minute you have people dependent on you. Anyone who is married and has a family to support should think of purchasing the best life insurance policy. The younger the age, lower will be the premium – So even single persons can choose the life insurance plans to get tax benefits and after marriage, they can add their spouse and children as beneficiary in the insurance contract. Also, there is no age limit to start buying life insurance cover.