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Life insurance is protection against financial loss resulting from death. It is an insurance company’s promise to pay your beneficiary a specific amount of money when you die in exchange for timely payment of premiums.
Although you may not think about it, your ability to earn income is a significant asset and life insurance helps replace lost income in the event of your premature death. Here are some reasons people buy life insurance.
The death benefit may be used:
Most people buy life insurance to protect their families from debts they incur after the loss of a loved one.
Every policy is different and your individual needs and situation will impact the type of policy you will get and the coverage that will be offered. Make sure you go over your individual needs with your agent and ask what the policy doesn’t cover.