Life insurance is a contract performed between an insurer and an insurance company; Where the insurance company affirms that a certain amount of money will be paid to the insured’s successor in the event of death of the insurer. Under the terms of the contract, the insurer sometimes receives the money, even though he is seriously ill. The insurer usually pays a certain amount to the insurance authority for a period of time or periodically.
The benefit of the insurer is “psychological satisfaction”; Because he knows that after his death, his successors will not be in trouble.
This method is also used for financial gain after retirement if the insurer takes the insurance carefully and mentions it in the terms and conditions.
Life insurance is a legal contract and the terms of the contract are limited by the insurance cover. Here are the specific terms and conditions.