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What is Insurance? It is very vital to have the right kind of insurance because it will have you a sound financial planning. A lot of people will have their own form of insurance but majority of these people will most likely have no understanding why they need to have their own insurance. A lot of people think insurance is a good investment because it can have some tax saving avenue. Try to ask someone about their investments and they will surely mention something about insurance as one of their major investments. About the 5% of people being insured, the proportion of those people who are insured is kind of low. Very few will see insurance and being insured as an investment. This is a really popular financial product that keeps on getting the wrong idea. This is because of the agents that are selling products thank link to investment, making clients believe that insurance is an investment so that the agent will get a good commission over the transaction. How Important is Insurance? Insurance is actually spreading out important financial challenges that a person will have or a business will have, it will send it to a large group of individuals or business entities. The insurance company will be able to help if you have some certain problems with this kind of business financially. If you want to be insured there will be a price to pay monthly or annually to compensate for the financial support. If you have a pure insurance company, when a predefined matter will not happen during the said dates, the money that was paid can no longer be retrieved. When disaster strikes, you will have to know that the insurance company will help you with your financial burden effectively.
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The insured and the insurer.
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When you are looking for an insurance company to protect you from financial risks, you will become an insured person and the insurance company will become your insurer. What is sum assured? Life insurance is the amount that was promised by the insurer to give when the person dies before the predefined time. There will be no bonuses added to the case of non-term insurance. A non-life insurance will be called a insurance cover. You should be considering being insured because it will certainly give you a good life, being insured is great but before anything else, you have to make sure that you get good information about everything. If you want to get protection from any financial risk, be sure to follow this guide and you will no longer worry about ever again.