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Discuss the primary reasons for buying life insurance? Distinguish between term life insurance and cash-value life insurance. What are the benefits of each?

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Discuss the primary reasons for buying life insurance? Distinguish between term life insurance and cash-value life insurance. What are the benefits of each?
Answered Same Day Mar 06, 2021

Solution

Nitish Lath answered on Mar 07 2021
150 Votes
Primary reasons for insurance of life:
Life insurance is a major aspect for each individual life. There are various reasons due to which persons buy life insurance which are as below:
· Life insurance help the predecessors of insured person in form of monetary security if the insured person passed away.
· It helps to keeping the promises and meeting the responsibilities.
· Life insurance is an also expression of love and caring.
· It helps to buy time and options if something unexpected occurs.
· It also helps to build cash over a period of time and is also used as a diversified investment tool (New York life).
Difference between cash- value and term insurance and their...
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