The purpose of any good insurance is to cover him/her in any dire circumstances. The need of financial security comes when life throws out some bad surprises. Insurance offers financial security and rescue you and your family. Your insurance plan, type, span and cover have a big role to play in the several situations in life. There are several types of insurances to avail. The aim of all types of insurances is to reduce the financial burdens. Having a life insurance has its significance for several reasons.