LIFE INSURANCE

Life insurance is a contract between an individual and an insurance company, where the individual pays regular premiums in exchange for a lump-sum payment, called a death benefit, to the designated beneficiaries upon the insured’s death. This financial product serves as an income replacement to help beneficiaries cover costs like living expenses, debts, and funeral costs. There are several types of life insurance, including term life, whole life, and universal life, each with unique features, costs, and durations.

Life insurance provides financial security to the insured’s dependents upon their death, covering expenses like debt repayment, funeral costs, and living expenses, thereby ensuring the family’s financial stability.

Income Replacement, Debt Repayment, Funeral Costs, Estate Planning, Children’s Future, Charitable Contributions, Business Continuation, and Accumulation of Cash Value are just some of the objectives that can be met through thoughtful use of life insurance.

Life insurance can be confusing due to its various types each with different features, costs, and durations. Terms and conditions can be complex, involving aspects like premium calculations, death benefits, cash values, and exclusions. Moreover, determining the right coverage amount and policy type based on one’s financial situation and goals adds to the complexity.