Life insurance

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Life Insurance

Life insurance is a contract between an individual with an insurable interest and a life insurance company to transfer the financial risk of a premature death to the insurer in exchange for a specified amount of premium. The three main components of the life insurance contract are a death benefit, a premium payment and, in the case of permanent life insurance, a cash value account.

The goal of life insurance is to provide a measure of financial security for your family after you die. So, before purchasing a life insurance policy, consider your financial situation and the standard of living you want to maintain for your dependents or survivors.

You will do anything for the ones you love.Thinking about why you need life insurance can be an emotional and stressful task. However, life insurance is one of the most responsible decisions you can make to help ensure that your spouse, children or other loved ones can continue to enjoy the quality of the life they deserve. Life is unpredictable.

So it is important to ensure that your family and loved ones are taken care of financially in case something should happen to you. This is where life insurance comes in.It can provide some financial peace of mind if the worst were to happen.

What is Life Insurance?

Life insurance offers a way to replace the loss of income that occurs when someone dies. Life insurance is insurance for you and your family’s peace of mind. With a life insurance policy in place, you can:

  • Provide security to your family
  • Protect your home mortgage, loans, credit card borrowings etc.
  • Provide finance to your loved ones to achieve their goals in your absence
  • Ensure that your family is able to maintain their lifestyle, no matter what happens
  • Take care of your estate planning needs
  • Look at other retirement saving/investment vehicles

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