• Because the proceeds of life insurance replace the liveable income and provide financial assistance to your loved ones.
• Life Insurance is bought not because people have to die, it is bought because others have to go on living.
• Life Insurance is never an "EXPENSE", it is merely putting aside small sums to address a big need.
• Money placed in a Life Policy will always be given back to either the life assured or to his loved ones and for sure at the times it is needed the most.

Q: Why buy life Insurance?

• Life insurance is usually bought by individuals to cover loss of income in case of death, to assist with subsequent expenses such as medical and funeral bills, provide for costs associated with day-to-day living such as mortgage and rental payments, child care costs and college expenses. There are now a lot of insurance policies that provide for retirement income, emergency funds, and cash savings. In a nutshell, life insurance may offer both protection and savings.

Q: What types of life insurance are available?

• There are many varieties of life insurance policies, but most can be divided into three basic types: term, whole life and endowment
  
  1) Term life insurance offers protection for a limited number of years at a fixed premium paid. The face amount of a term life insurance policy is generally payable only if the insured person dies during the coverage period. Term life premiums are usually the least expensive. At the end of the policy term, the policy is usually renewable. Some term life insurance policies contain a "convertible" feature, whereby the term policy can be converted to a whole life policy, usually without a medical examination.
  
  2) Whole life insurance (also known as straight life or ordinary life insurance) offers lifetime protection with limited savings values. Premium rates are generally constant throughout the paying period. Full payment of benefits is made upon death of the insured person, or upon attainment of age 97 to 100, depending on the insurance company. Whole life insurance provides guaranteed protection at a relatively low cost. Generally, the policy has a cash surrender value, against which the insured person may borrow or which the insured person may receive if the policy owner encashes the policy.
  
  3) Endowment policy is a life insurance contract designed to pay a lump sum or a maturity benefit after a specified period of time or on its maturity date. It combines insurance protection and savings plan for the policy-owner. It can be used as a savings vehicle to fund a specific event in the future. Endowments are designed to pay out the death benefit when the insured dies during the coverage period or survives at the end of the policy term. This plan is usually has a fixed maturity date. Typical maturities are ten, fifteen, twenty, forty years or up to a certain age limit.

Here's How to Secure Your Family's Future:

• First step: Determine how much life insurance is enough
• After familiarizing yourself with the basic types of insurance, you need to determine how much insurance you need. First, you should gather some personal financial information and figure out what your family's needs would be. Here are some things to consider when you're determining how much life insurance protection you'll need. Amount of final expenses, such as medical expenses, burial costs and estate taxes; money to finance a short-term re-adjustment period for your family, such as providing time for family members to find a job; Continuing financial needs, such as monthly bills and expenses, tuition or retirement. There is no hard and fast formula for figuring out how much you'll need, since each family's situation is unique. But one way to start is to consider buying life insurance that's equal to 5 to 7 times your current annual gross income.
• Second step: Choose the right insurance company
• There are a few things you should find out about the company. First, check with the Insurance Commission to be sure the company is licensed to do business. Most companies that advertise are licensed, but it's wise to verify this anyway. Always check a company's financial strength before you buy a policy. You can ask your agent or call the Insurance Commission.
• Third step: Pick the right insurance agent
• An insurance agent should be willing and able to explain all the details of the policies being recommended and which you are considering. You should feel that the agent is listening to your concerns and trying to find a policy that will provide you with the right type and amount of insurance. If you are not comfortable with any aspect of the interaction with the agent, you should probably end the relationship and find another agent.