Life insurance is a contract between an

insurance policy holder and an insurer or

assurer, where the insurer promises to
pay a designated beneficiary a sum of
money upon the death of an insured
person. Depending on the contract, other
events such as terminal illness or critical
illness can also trigger payment
Buying life insurance protects your
spouse and children from the
potentially devastating financial losses
that could result if something happened
to you. It provides financial security,
helps to pay off debts, helps to pay
living expenses, and helps to pay any
medical or final expenses.
 There are two primary
categories of life insurance:
Term and Permanent.
A term life policy is a contract between you
and an insurance company for a defined
period, typically between 10 and 30 years.
During that term, you promise to pay a
premium each month. In return, the
company promises to pay a specific amount
of money – a death benefit – if you pass
away during the term.
Permanent life insurance provides coverage
throughout the life of the insured person. In
addition to paying a tax-free death benefit, whole
life insurance also contains a savings component
in which cash value may accumulate. Interest
accrues on a tax-deferred basis. It guarantees
payment of a death benefit to beneficiaries in
exchange for level, regularly-due premium
payments. The policy includes a savings portion,
called the “cash value,” alongside the death
benefit.
Selection
Selection is the process of determining whether to
insure a particular entity. Some of the factors to
consider include, reputation, financial stability,
customer service, price and claims paying ability.
Application of Life
Management to Life
Insurance
 Life management is the ability to
handle everything you need to in
order to live a productive, happy
and fulfilling life. So to have a good
life, life insurance can help to
secure our future.
THANK YOU!