What is Life Insurance
Life insurance is a financial tool designed to provide financial protection to your loved ones in the event of your passing. It works by paying out a lump sum, known as the death benefit, to your beneficiaries upon your death. This tax-free payment can be used to cover expenses like funeral costs, mortgage payments, and everyday living expenses. Life insurance offers peace of mind, knowing that your family will be taken care of financially when you’re no longer there to provide for them.
Do I Need Life Insurance?
Life insurance is not just for the wealthy or elderly—it’s for anyone who wants to protect their loved ones’ financial future. If you have dependents who rely on your income, such as a spouse, children, or aging parents, life insurance can provide them with financial security in your absence. Even if you’re single or without dependents, life insurance can cover final expenses and any outstanding debts, ensuring that your loved ones aren’t burdened with financial obligations after you’re gone.