A person takes up an insurance policy to secure his and his loved one's future. On his sad demise, any company cannot bring him back but it will give his family a financial support to fight back the situation.
I should keep my family well informed about the financial matters; so that they don't get cheated when I am not there to tell them the truth .It happens many a times that after a person's death many people come forward to take money saying that they had lent the dead man some amount of money.
My responsibility is to keep my family informed about the policies on my name, when are they maturing and who is the beneficiary in the policy.
My family's responsibility is to keep an account of all this. They should give the insurance company idea about my demise and complete the legal formalities. After me my family should pay off my loans as soon as they get the insurance money so that they can plan out the other lifetime expenses with the remaining money.
