Understanding life insurance is vital

Mar 12, 2012

Understanding life insurance is very important.

People looking into buying a life insurance policy need to make sure they understand what they are buying and how it could be profitable for them, according to Swiss Re study, "Understanding the Profitability in Life Insurance."

“Life insurance plays a key role in managing risks in modern societies," says Lukas Steinmann, co-author of the sigma report. "Today, many generations rely on life and health insurance products, and this will also be the case in the future as state-funded social health and retirement programmes feel the burden of their aging societies."

The survey said companies and policyholders should come together to help better understand the policies and how consumers can be helped by different life insurance policies. This could make a big difference down the line if the policy becomes a necessity for a family or individual.

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