Life insurance is insurance that aims to cover people against unexpected financial losses caused by dying too soon or living too long. Here it is illustrated that in life insurance, the risks faced are:
Risk of death
One's life is too long
This of course will bring many aspects, if the risk contained in a person is not insured to a life insurance company. For example, guarantees for offspring, if a father dies prematurely or suddenly, the child will not be abandoned in his life.
It can also happen to someone who has reached his age and is unable to earn a living or pay for his children, so buying life insurance, the risk that may be suffered in terms of losing the opportunity to earn income will be borne by the insurance company It turns out here, that life insurance institutions are useful with the main goal being to bear or guarantee someone against financial losses.