Life insurance, purpose/ benefits

[Realekom]

Life insurance can be defined as a contact agreement between an insurance policy holder and an insurance company, where the insurer promises to pay a premium upon the death of an insured person or after an agreed period.

PURPOSE
The main purpose of life insurance is "protection", the quick estate to meet survival needs, some policies include money savings feature, but there are many other ways to save money and make investment.

BENEFITS
Life insurance can help replace your income if you happen to pass away.
This means that your next of kin could use the money to help cover essential expenses such as paying a mortgage or college fees for kids. It can aswell be used to pay off debts such as credit card bills or an outstanding car loan.

 

[jerianasmith]

Life insurance is a type of coverage that pays a sum of money to your beneficiaries if you die while the policy is in force. The purpose of life insurance is to provide financial protection and security to your loved ones after your death. Some of the benefits of life insurance are:

• Help your family pay for funeral costs, debts, taxes, and living expenses.

• Provide income replacement for your spouse, children, or other dependents.

• It can fund your children's education or your spouse's retirement.

• Create an inheritance or a legacy for your heirs.

• Offer tax advantages and cash value accumulation for some types of policies.

In Texas, you have various options to buy life insurance, such as from an insurance agent such as Brilliant, The Insurance Service Company, employer, or group. You can choose from different types of life insurance, such as term life, whole life, universal life, and variable life. You can compare different plans and prices and select the one that suits your needs and budget. By buying life insurance, you can ensure that your family's financial future is secure and that they can cope with the loss of your income and support.