What is life insurance

Ota4gab

Ota4gab

New member
Is life insurance really worth it knowing fully we that we all work very hard to make sure we have a decent life and death is actually inevitable,so what's the benefits of insuring our lives.
I have heard about insurance but really don have a vast knowledge on how it works so what's the essense and importants of insuring our lives because some say it's good but the reason what it's good is not really well explained ,so can someone pls explain?
 
CALVINDOL

CALVINDOL

Verified member
What is life insurance for? Life insurance is important, as it protects your family and lets you leave them in non-taxable amount at the time of death. This insurance will also replace your family income when resources are less so they can maintain their quality of life.

What are the five uses for life insurance benefits?
It helps to pay final cost. Life insurance policy benefits can be used to help pay for final expenses after you pass away. This may include funeral or cremation cost, medical bills not covered by health insurance, estate settlement costs and other unpaid obligations.
How about inheritance? Some people purchase life insurance with the intention of leaving the date benefit as an inheritance to their loved ones. If you would like to have a specific person receive your benefits as an inheritance, the insurance information institute suggest naming your chosen heir as the beneficiary on your policy.
Life insurance policies can also be created with your favourite charity as a named beneficiary. This can help ensure your philanthropic goals I met after you pass away, and that benefits are provided to your charity of choice.
I'm sure with this explanation, we really know what life insurance is all about.
 
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