What Is Risk Life Insurance?
Risk life insurance is a basic insurance that provides a one-time monetary compensation, in the event of the death of the insured as a result of an insurance event defined in the policy. The coverage can also be extended to the case of complete and permanent disability. The compensation is the amount specified in the policy by the insured, and is given to the beneficiaries determined by the insured as provided in the policy – usually a spouse and the nuclear family. The purpose of risk life insurance is to ensure a means of subsistence for the beneficiaries who have lost along with their loved one or loved one also a source of income. The compensation allows the
Family Income Life Insurance
Family income insurance is a flexible insurance that allows the insured to provide each of the beneficiaries of the policy with a monthly income tailored to his needs. The insured defines the monthly amount and payment period for each beneficiary, and the insurance company makes the payments according to each of the beneficiaries. The use of money is at the sole discretion of each beneficiary.