Enjoying work, getting married, starting a family, having kids, growing old and retiring in the process is every one's life cycle nowadays, but there will always be unexpected turn of events. There may be untimely death due to accidents or diseases. Having life insurance guarantees that you will not be a burden to your family financially. However, it is not applicable to every insured individual because some life insurance companies have the right to end the benefits, if the payments are not made regularly; the policy expired or the insured individual unexpectedly dies in a way that is not covered by the insurance. But because life insurance offers death benefits at the same time savings benefit without any income tax deducted many are still availing.
The so-called benefits:
How to Start?
You could avail through an agent or directly to an insurance company. Then if you have decided which type of insurance to avail the cost of premium you are going to pay will vary on your age, gender, lifestyle, occupation and family medical history. If you belong to the working force, some of the employers offer insurance as one of the benefits to their employee. It's called a group insurance but this type of insurance is typically a term life policy. Some group unions could also avail this type of insurance and the individuals don't have to pass the test but when you leave the group you can't enjoy the benefits though this is cheaper as compared to an individual policy.
An individual life policy as the name implies, it only covers one person unlike the group that several individuals get to be insured. It's a policy that anyone could avail from the insurance company or from an agent. An individual policy holder gets to choose the type of policy that suits them and can even avail several insurance policies from several insurance companies.