Life insurance is a contract between an insurer and a policyholder in which the insurer guarantees payment of a death benefit to named beneficiaries upon the death of the insured.
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Replace Lost Income:
- Life insurance works to provide financial security to your loved ones after you pass away. You have to consider what would happen if you were to die suddenly.
Cover Burial Expenses:
- Life insurance can give you and your beneficiaries more of a guarantee, lifting a burden off of them as well as yourself.
Pay Off Debt
- Just because you die doesn’t necessarily mean your debts will disappear. In the instance that you and your spouse have co-signed for a mortgage or other loans, your spouse may become entirely responsible for repayment. Life insurance allows those you leave behind to take care of any lingering financial responsibilities.
- If your child ends up borrowing money to get through school, the insurance proceeds could also help wipe out pesky student loans.
- Term life tends to be less expensive than whole or universal life. Plus, the younger and healthier you are, the lower your premiums will be. Unless you smoke or have a preexisting health condition, you could find coverage for as little as $1 a day.
Peace of Mind:
- Even with a small policy, you may find yourself sleeping a little easier at night knowing that your family has protection in place should something happen to you.