What is Life Insurance?
Life Insurance is a type of insurance coverage that will pay a sum of money after you pass away. This money that is paid from a life insurance company is called a death benefit.
The person, or entity, who received the funds is called a beneficiary.
Death benefits are paid out generally income tax-free.
Why should someone have Life Insurance?
An easy way to answer that question is to ask yourself this. Would anyone be negatively financially impacted after I pass away? If the answer is yes, you should have Life Insurance.
What types of Life Insurance are there?
There are two main types of life insurance.
One is called Term, for temporary needs like having a benefit to cover your family if they still have a mortgage or children who are minors or not yet independent.
The other is Permanent, for coverage lasting your entire life. This is best for people who want coverage to never expire and want to leave their family with money when they eventually pass away. Many permanent policies have a savings account attached that can earn interest and used while you’re living.
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