A Study On The Awareness Of Importance In Having Life Insurance Policy Among UiTM Seremban 3 Student
1.1 Problem Statement
Life is something that has been given to us that we need to appreciate it. As human being there is full of risks and uncertainties since, we are social human beings, we have our own responsibilities too to minimize these risks. We cannot prevent an unpredicted event that will give some uncomfortable condition but there is certain way to safe our treasured ones from the losses occurs due to deficiency of lives. Life insurance is not only gives assurance for the monetary losses but it provides the new market and avenues to the society (Sharma, n.d.).
Family is one of the major factors that will lead to the family to have insurance life policy. According to Garman and Forgue, when the head of family is dead the family members are automatically will have financial problem in surviving. This is because the whole time is only the head of family that earn financial obligations, such as dependants to support, children to educate, and a mortgage to repay. Life insurance allows individuals and families to share the risk of premature death of the primary wage earn. From this we can conclude that, the main reason for the purchase of life insurance policy is to provide financial security for the family (Shakti, 2012).
Every individual will have different reason to have life insurance policy where people will buy life insurance as a medium to long-term tax favored savings and investment of vehicle. Life insurance is fast emerging as an important mechanism to finance the needs of the people. The need of insurance policy we can see when there is sudden ill from individual around us or our own self. When the individual is hospitalization and need surgery to precede life insurance policy will help in covering the cost of hospitalization (Shakti, 2012).
In this global now where world with technology, we could see a lot of gadget like smart phone and etc. Now with improved literacy, modest rise in incomes, and fast spread of print and electronic media, there is
Life is something that has been given to us that we need to appreciate it. As human being there is full of risks and uncertainties since, we are social human beings, we have our own responsibilities too to minimize these risks. We cannot prevent an unpredicted event that will give some uncomfortable condition but there is certain way to safe our treasured ones from the losses occurs due to deficiency of lives. Life insurance is not only gives assurance for the monetary losses but it provides the new market and avenues to the society (Sharma, n.d.).
Family is one of the major factors that will lead to the family to have insurance life policy. According to Garman and Forgue, when the head of family is dead the family members are automatically will have financial problem in surviving. This is because the whole time is only the head of family that earn financial obligations, such as dependants to support, children to educate, and a mortgage to repay. Life insurance allows individuals and families to share the risk of premature death of the primary wage earn. From this we can conclude that, the main reason for the purchase of life insurance policy is to provide financial security for the family (Shakti, 2012).
Every individual will have different reason to have life insurance policy where people will buy life insurance as a medium to long-term tax favored savings and investment of vehicle. Life insurance is fast emerging as an important mechanism to finance the needs of the people. The need of insurance policy we can see when there is sudden ill from individual around us or our own self. When the individual is hospitalization and need surgery to precede life insurance policy will help in covering the cost of hospitalization (Shakti, 2012).
In this global now where world with technology, we could see a lot of gadget like smart phone and etc. Now with improved literacy, modest rise in incomes, and fast spread of print and electronic media, there is