One of the main benefits is to provide financial security for your loved ones after your death.
Some life insurance policies allow you to receive proceeds from your policy before you die. And, some policies allow you to name persons other than family-members as your beneficiary of your term life insurance policy.
How Life Insurance Can Benefit Your Family
Life insurance policies can provide your family and loved ones with financial security after a parent, spouse or income-earner passes away. Two of the major ways life insurance provides protection for your family is by providing for two of your biggest expenses:
- Home mortgage
- Education and college tuition and expenses
Providing for your family’s mortgage and your child’s education may be the largest expenses you have as a family. It’s important to consider these expenses when deciding on the right amount of life insurance protection.
Learn more about the benefits of term life insurance policies.