Life insurance is a financial safety net for your loved ones when your time comes. Upon your passing the life insurance policy pays a benefit to someone who you have designated to receive the money; this person is called a beneficiary. Your beneficiary can use that money to pay your funeral costs, settle your outstanding debts or cover living expenses during his or her time of need.
There are many different types of life insurance – Term Life, Whole Life, life insurance with living benefits and so on – and you can take out multiple policies if you wish. Some policies will pay benefits to you before you die, by either reaching a certain age or if you were to be diagnosed with a critical illness (cancer, heart attack, stroke etc.). Many people use life insurance as a form of long term investment as well.
If you are interested in learning about which companies offer life insurance policies in your area please feel free to call me at any time.