Life insurance is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of an insured person. Depending on the contract, other events such as terminal illness or critical illness can also trigger payment.
Will your loved ones be financially impacted if something happened to you? If yes, then you should consider buying life insurance to make your family financially secure in absence of yours.
Life insurance can be an important part of your financial strategy.
Life insurance policy benefits can be used to help pay for final expenses after you pass away. This may include funeral or cremation costs, medical bills not covered by health insurance, estate settlement costs and other unpaid obligations.
Life insurance benefits can help replace your income if you pass away. This means your beneficiaries could use the money to help cover essential expenses, such as paying a mortgage or college tuition for your children. It can also be used to pay off debt, such as credit card bills or an outstanding car loan.
Life insurance policies can also be created with your favorite charity as a named beneficiary. This can help ensure your philanthropic goals are met after you pass away, and that benefits are provided to your charity of choice.
