I am thinking about buying a life insurance policy but I'm not quite sure what it is used for?
Why do people buy life insurance and how does it help?
Life insurance provides financial security for your family in case you die. It can help to replace your income for your family if you pass away.
Life insurance death benefits are paid to the beneficiary if the insured person (you) die.
The money can be used for any purpose, including paying for your funeral, paying off the home mortgage loan, paying off credit card debt, paying for your child's education or your spouse's retirement, etc.
People also buy life insurance to leave money to a charity or help to pay estate taxes.
It's important to help your family keep the home they shared with you and maintain their lifestyle if you are no longer there to provide for them.
Here's an article on What is life insurance used for that explains more in depth the importance of life insurance protection for a family.
Why do people buy life insurance and how does it help?
Life insurance provides financial security for your family in case you die. It can help to replace your income for your family if you pass away.
Life insurance death benefits are paid to the beneficiary if the insured person (you) die.
The money can be used for any purpose, including paying for your funeral, paying off the home mortgage loan, paying off credit card debt, paying for your child's education or your spouse's retirement, etc.
People also buy life insurance to leave money to a charity or help to pay estate taxes.
It's important to help your family keep the home they shared with you and maintain their lifestyle if you are no longer there to provide for them.
Here's an article on What is life insurance used for that explains more in depth the importance of life insurance protection for a family.
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