Nowadays, a number of different fields of study associated with insurance, particularly personal insurance, have been developed. Insurers provide people with life insurance, so that in case one of the family members dies, especially the head of the household, the other family members would be financially supported. Moreover, life insurances are also sold by the insurers in the form of life savings in addition to insurance coverage. The risk associated with life insurance is the death of the insured person. Therefore, the insurers should be able to manage it so that they would achieve a competitive advantage. In the present study, there are different stages including presenting a definition of risk, risk management and its importance in life insurance and the medical risks that lead to a person’s death and also, a number of risk control strategies would be presented.
