Advantages and Disadvantages of Life Insurance
There are some things in life that humans have control over. They cannot stop certain events from happening. But, they can take some precautions to make sure these events don’t happen. Even then, if these events start to happen, there is nothing that can be done to stop them. In situations like these, the most obvious choice would be to minimize the damage. These events can also lead to huge financial losses, which is where insurance comes in. One type of insurance is life insurance. So here are its own advantages and disadvantages.
WHAT IS INSURANCE?
It can be termed as a form of risk management. Insurance is a contract that works as a means of protection from financial loss. It is represented by a policy, in which an individual or entity receives financial protection or reimbursement a...