The insurer agrees to pay out a death benefit to the beneficiary of the insurance policy in return for the owner of the policy paying premiums to the insurer on a. regular basis.
The beneficiary of the policy is chosen by the owner of the insurance plan.
The death benefit payout is subject to any and all terms, conditions and exclusions stated in the life insurance contract (policy).
Life insurance provides financial security for your family in case you die unexpectedly.
Your loved ones can use the proceeds from your life insurance plan any way they choose to spend the money.
Many people buy life insurance because they have others who rely on them for financial support.
Usually, people buy life insurance to help replace their income for their loved ones, to pay off debt, pay for final expenses, or maintain their family's style of living.