It is up to you to decide whether you will be going for a whole life insurance or for
Term Life insurance. You may think that a whole Life insurance is expensive but you will get the coverage for the whole life and also the premiums will not be increasing overtime. But in a term policy, the coverage is up to a certain period of time and if the policy holder does die in this period, then the money never comes back. So, your spending would be useless then.
The insurance is not confined to coverage for families only, but it ensures insurance policies for the key employees of an organization. These key employees may be CEOs, Vice Presidents, owners, the death of who may cause havoc in company management. Insuring their lives will help in coping up with such contingencies.
You may be the key person of your family and you would also not want that your family will be in similar distress once you pass out.
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