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How much insurance does a man need?

Given below is a typical list of post death needs for resources, which have to be met

through life insurance planning.

  • Funds to cover immediate expenses after death. This includes medical expenses for terminal illness, expenses for the performance of last rites and religious ceremonies connected with death.

  • Funds for meeting expenses for education and marriage of dependant children.

  • Regular income fund for meeting the day-to-day expenses of dependant spouse and children.

  • Fund for paying off debts. This includes outstanding house mortgage loan dues, car loan and credit card dues and other miscellaneous dues.

The Fundamental Legal Principles Of Life Insurance:

A contract is defined as an agreement between two or more parties to perform or abstain from an act with an intention to create a legally binding relationship. An enforceable contract must have the following requisites:

  • Offer and acceptance

  • Consideration

  • Capacity to contract

  • Prior consent of all the parties

  • Legality of object

  • Legal Capacity

In connection with the legal capacity for the contract, it is voidable if the applicant is a minor, Intoxicated or under the influence of other drugs, Mentally incompetent an enemy alien

Legal purpose For example, gambling transactions are illegal and, therefore, unenforceable at law.

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