In the working of a life insurance policy, you keep paying the premium periodically, and in case of the death, the insurer has to payout a particular amount towards those you indicate as beneficiaries, typically your family members dependent on your financial support.
The amount to become received by your your family in case of one’s death is dependent upon the policy you select. Even though you may be covered by a life insurance policy from your employer, it really is generally better to have your own individual policy. There are typically limitations with payouts from employer provided insurance policies, while some individual policies can payout in much larger amounts. ten occasions the yearly pay.
