![]() ![]() Funding children’s college tuition and expenses.Paying for funeral and final expense costs.Paying off credit card bills, medical bills, mortgages or car loan balances.Paying for living expenses that were previously covered by the insured person’s income.Life insurance beneficiaries can use the money paid out by a policy for whatever purpose they choose. ![]() Knowing your family will not face financial hardship when you’re gone provides peace of mind. The best life insurance companies offer coverage options that help you ensure your loved ones will be financially taken care of if you die. What Is the Purpose of Life Insurance?įinancial protection and peace of mind are at the forefront of life insurance. If you have permanent life insurance, there may be a cash value component, too. In exchange for your premium payments, the life insurance company will pay a lump sum known as a death benefit to your beneficiaries after your death, as long as your policy is in force. Life insurance is a contract between you and an insurance company. It’s essential to know the details of how life insurance works so you can decide what type of coverage you need, how much you need and how it will fit into your long-term financial planning. Life insurance works by providing a financial safety net for loved ones if you pass away. ![]()
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