The basic principle lying behind the insurance policy is that it gives money to your loved ones or beneficiary after your death or when you are ill. The amount can be used for paying off the mortgage, cost of funeral, debts or even to provide an extra stability to the family concerned. The payment method is completely depended on the specifications included in the policy. The sum is either paid as such or in a series of small payments. The premiums are paid off either monthly or yearly and you can select it depending on your own requirements.
To learn more about life insurance, read below: