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Life insurance is a mutul contarct between the ploicyholder and the insurance company,where the company promise to pay a pre- specified amount to the nominee in case of death of the ploicyholder or after predetermind period ,and in return the insured need to pay the premium for a certain period.
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Your need for life insurance changes as your life changes. When you're young, you typically have less need for life insurance, but that changes as you take on more responsibility and your family grows. Then, as your responsibilities once again begin to diminish, your need for life insurance may decrease. Let's look at how your life insurance needs change throughout your lifetime.
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Financial planning can take many forms, including retirement plans, investments, saving for college education, insurance, and investing in real estate. Financial advisors can help their clients set up a retirement plan, establish a savings plan, create a tax-deferred plan for estate taxes and capital gains, and establish insurance policies.