A Study on the Role of Life Insurance in Financial Security
Kabilan. V1*, Dr. R. Kandavel2
Abstract
Life insurance serves as an essential instrument for safeguarding the financial well-being of individuals and their dependents. In a world characterized by uncertainties such as health issues, unexpected death, and economic instability, it functions as a reliable mechanism for financial protection. This study focuses on evaluating the significance of life insurance in strengthening financial security by examining its benefits, relevance, and influence on personal financial planning. Additionally, the research investigates the level of customer awareness, their perceptions, and the key factors that affect their decision to purchase life insurance policies. A descriptive research approach has been adopted, relying on secondary sources of information, including academic journals, institutional reports, and credible online materials. The analysis indicates that life insurance plays a major role in enhancing financial stability, managing risks, and encouraging long-term savings behavior. The study ultimately emphasizes that improving financial literacy and spreading awareness can significantly increase the acceptance and usage of life insurance products.
Keywords:
Life Insurance, Financial Security, Risk Management, Financial Planning, Customer Awareness, Financial Literacy
