Life Insurance
What is Life insurance?
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Life insurance is a contract between an insurance policyholder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of an insured person.
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Depending on the contract, other events such as terminal illness or critical illness can also trigger payment.
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The policyholder typically pays a premium, either regularly or as one lump sum.
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The benefits may include other expenses, such as funeral expenses.
Why Life insurance is a must?
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Life insurance can provide a large payout when an insured person dies.
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Proceeds from life insurance are tax-free and can pay off debts, replace income, and cover final expenses.
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Life insurance costs are at their lowest when you’re young and healthy.
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It’s wise to consider who might suffer financially (and what resources might help them) after death.
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The sole purpose of life insurance is to protect your family financially after the demise of the policyholder
