Life Insurance

Life Insurance
What exactly 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.

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.

The life insurance benefit may be used:

To replace income the family would need to maintain their standard of living after the death of a wage earner.
To pay off a mortgage loan and other personal and business debts or to create a rent fund.
To create a fund for children's education.
To pay final expenses, such as funeral costs and taxes.
To create a family emergency fund or a fund for a family member with special needs.

To put it simply, life insurance protects those who depend on your paycheck. If you die prematurely, life insurance provides your dependents with ongoing income to replace yours, until (or unless) they can live comfortably without it. It can also provide a timely emergency fund for medical, legal, and funeral costs, should family savings not be adequate to cover them.

Life Insurance • Health Insurance • Home Insurance
• Car Insurance • Auto Insurance • Insurance
Dental Insurance • Travel Insurance • Annuity Buyer • Anuity