Life insurance is about providing protection to the dependents.At the same time, it also provides peace of mind to the living person.One is for the sole purpose of protection so that the dependents of a person can be supported after the demise of the insured person.
The insurance companies insure a person in exchange for regular premiums.
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For example, if you buy a policy for yourself, you are both the owner and the insured.
However, if you buy a policy for your spouse, you are the policy owner while your spouse is the insured person.
He or she knows that his family or dependents won’t have to bear any hardships even if he dies.