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How to protect your child with life insurance

Providing the child is perhaps the highest priority in life for every parent. In order to achieve this goal, a solid financial plan is required, writes Financial Express ePaper.
How to protect your child with life insurance

Life insurance always protects the family in case of insurance event. As for life insurance plans, parents can choose from several options. Such policies implement the accumulative function of insurance, and products, in which long-term unit-linked life insurance combined in one program are also being developed.

Life insurance allows a person to solve a whole range of socio-economic problems. These tasks can be conditionally combined into two groups: social and financial. The realization of the first allows overcome the inadequacy of the state social insurance and security system (accumulation of certain sums of money, for example, for retirement, or adulthood, or other events in the life of the insured person). The realization of the second is to protect the policyholder’s financial interests or the insured person in the event of death.

Life insurance should be an integral part of the portfolio of young, middle-income families as it protects your life from unforeseen circumstances for a specified period of time.

In most countries of the world, life insurance companies are allocated into a separate category of insurance organizations, the state supervision of which is much stricter. Life insurance companies are usually engaged in a fairly wide range of types of personal insurance, such as life insurance (in case of death, survival, etc.), various types of pension insurance, accident insurance and some types of health insurance. They are not allowed to engage in such property types of insurance as property insurance or liability insurance (in foreign practice, referred to as general insurance or non-life insurance).

Source: https://www.financialexpress.com/money/protect-your-childs-present-and-future-with-life-insurance/2128483/

Photos are from open sources.

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