Life
- Life insurance is a type of contract that provides a financial benefit to beneficiaries upon the death of the insured person.
- It serves as a safety net for loved ones, helping to replace lost income, cover funeral expenses, and fulfill financial obligations after the policyholder’s passing.
- Life insurance policies come in various forms, including term life insurance (providing coverage for a specific period) and permanent life insurance (offering coverage for the entire lifetime of the insured).
- Premiums for life insurance policies are determined based on factors such as the insured person’s age, health, lifestyle, and the coverage amount selected.
- Life insurance is an important tool for estate planning and ensuring the financial well-being of dependents, making it a thoughtful consideration for individuals seeking to protect their loved ones’ futures.
