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
Capacity to contract
Prior consent of all the parties
Legality of object
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.