Insurance is purchased with many reasons by the buyer

Only wise people are investing their money in the insurance policy. They understand the necessary of the insurance.  Previously the insurance policy was sold only for the death benefits. The days are gone even money back policies are arrived.  Once the person is paying his money for some particular period of time, he gets back his paid money. This money is useful for spending the money for the higher education of the children. At the same time, the buyer is also paying money for the children names, once the child happens to meet any risk in the game; the money is settled for the owner of the insurance policy. The owner is only father or mother and they are natural guardian for the children. So the benefits are more from the insurance policy. Once the husband is last due to any medical reason, wife gets all the benefits.

insurance policy

The above reasons are making the new person to think about why insurance is necessary? he voluntarily goes to any insurance company, and buying the policy. In this kind of policy the agent is not paid and higher officials working as field workers are not paid. The insurance company gets complete profit.  Of course, the person is realizing the necessary of the insurance product for his family. There are many people buying the insurance product by voluntarily. The nominee name is absolutely necessary for the insurance.  In case, the person wants to change the nominee name it is permitted by the insurance company.  In case, the person is missing to add the nominee name the matured amount would not be going to the family once he demises.  This kind of money is profit for the company, this goes to the unclaimed account. This fund is used for the advertisements and for the other useful purposes.