Life Insurance
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.
Benefits of Life Insurance
Paying off your home mortgage.
Income replacement for years of lost salary.
Providing funds for your kids college education.
Helping with other obligations, such as care for aging parents.
Paying off other debts, such as car loans, credit cards, and student loans.
Who Should Buy Life Insurance?
- Married pensioners
- Parents with Minor children
- Businesses with key employees
- Adults who own property together
- Parents with special-needs adult children
- 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
