What Is Life Insurance?

Life insurance is a contract between an insurer and a policyholder in which the insurer guarantees payment of a death benefit to named beneficiaries when the insured dies. The insurance company promises a death benefit in exchange for premiums paid by the policyholder.

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Benefits of Life Insurance

  • Income replacement for years of lost salary.
  • Paying off your home mortgage.
  • Paying off other debts, such as car loans, credit cards, and student loans.
  • Providing funds for your kids college education.
  • Helping with other obligations, such as care for aging parents.

Who Should Buy Life Insurance?

Life insurance provides financial support to surviving dependents or other beneficiaries after the death of an insured. Here are some examples of people who may need life insurance:

  • Parents with Minor children
  • Parents with special-needs adult children
  • Adults who own property together
  • Elderly parents who want to leave money to adult children who provide their care
  • Young adults whose parents incurred private student loan or take a loan for them
  • Young adults who want to lock in low rates
  • Wealthy families who expect to owe estate taxes
  • Families who can’t afford afford burial and funeral expenses
  • Businesses with key employees
  • Married pensioners

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