Insurance isn't something you can decide not to get anymore. With the levels of accidents and the cost of living rising - you need to make sure that your family is financially stable if you can't provide for them anymore. Insurance can help you do this - you basically pay a premium for a fixed period, and once the term ends, you receive a sum assured. Of course, this is for term life insurance. You also have whole life insurance where you need to pay for a fixed number of years and are covered for the rest of your life. This is a form of savings with life insurance, as you'll be saving bit by bit every month and it'll grow to a sum. At the end of the term, you get your money - and if you don't survive, it goes to your nominee. Another option you have is choosing an endowment policy. These are plans that help you to save up money for someone else. Child plans, for example can be called endowment plans - because if something happens to you, your child will receive the amount you've been insured for. Retirements plans are another example of endowments.

While all the plans mentioned above are savings plans, you have the option of taking up investments as well. You would basically be investing with life insurance. A part of your premium would go towards your insurance, another part would be used for maintenance and the last part of your premium would be invested. By choosing investment plans, you could possibly get a bonus annually; this bonus would be declared by the company, depending on the profit that it makes in the market. This is increasingly becoming a popular plan because people get life insurance benefits along with a neat little profit. But you need to remember that the bonus isn't a guarantee - if the company performs poorly in the market, you might not get a bonus.

These are just some plans that you might consider when you're thinking about getting yourself insured. Keep in mind that each plan has its own pros and cons - and each company provides different plans. The provisions, rules and regulations for each company are different. So when you're doing your research make sure that you know what you'll be getting yourself into. Also be sure to look into how easily you can file a claim; after all, getting a life insurance might be pointless if the claims processing takes an eternity.