Insurance is usually said to be the transfer of risk which insures some or all compensation for some sort of injury or accident, in other words insurance is a protection from financial loss to a person, in which the person who owned the policy is known as the policy holder or insured.
It provides people the protection against death, illness, education, accidents and millions of other issues, but there are some limitations to it, it may provide protection against losses that have occurred physically and not mentally.
It is not responsible for our personal business, market share, it cannot provide knowledge, or with skills or the resources after an accident or mishap occurred to the person.
There are many common questions about life insurance, the first question arises that what am I going to complete? It means that are you securing something for your family after death, will they live a happy life after you.
Next common question about life insurance is that what is available? There can be many options for life insurance whether it may be a life insurance which a company refers to its employees or an individual policy which a person owns for his family.
Some people don’t own a life insurance policy because they think that their life insurance will be useless if they don’t die, but there is an option to upgrade your policy or trade it for a new one and individuals who own the policy for their children education should have no problem with it.
After this another question comes into the mind of many people that is how can the life insurance policy be upgraded?
Most policies have a feature they allow the people to convert from term life insurance policy to permanent policies like whole life insurance policy, universal insurance policy or variable life insurance policy.