What is Life Insurance?
Life insurance is protection against financial loss resulting from death. It is an insurance company's promise to pay your beneficiary a specific amount of money when you die in exchange for timely payment of premiums.
Why do I need Life Insurance?
Although you may not think about it, your ability to earn income is a significant asset and life insurance helps replace lost income in the event of your premature death. Here are some reasons people buy life insurance.
What are some of the benefits of having Life Insurance?
Your Beneficiary can:
- Replace income the family would need to sustain their standard of living after your death
- Pay off a mortgage loan and other personal and business debts
- Create a fund for children's education
- Pay final expenses, such as funeral costs and taxes
- Use it for any purpose they prefer
