11 Best Life Insurance Definition in 2019
- Life insurance works in much the same way as insuring your home or car – but it protects your most valuable asset – you.
- Life insurance is designed to provide a source of income for your children and other dependants should you die or become disabled.
- Life insurance is a necessity for anyone with who’s contribution to their family or business needs protecting. It guarantees a dependable financial backup if you were suddenly not around anymore and unable to provide for your loved ones, and protects your business and assets from debt and loss.
- Life insurance is a contract, called a policy, that you have with an insurance company. In exchange for you paying a fee or premium, the insurance company promises to pay a tax-free, lump-sum amount to your beneficiaries upon your death. So if you buy a $100,000 insurance policy, this is the amount the insurance company will pay upon your death.
- Life insurance is about getting more out of life.
- Life insurance pays out a cash lump sum if you die during the term of your policy.
- Life insurance can be a crucial safety net for families. Insurance is really a way of betting against a particular thing happening. Then if it does happen, you or your family get money to help cover the costs.
- Life insurance is one of the pillars of personal finance, deserving of consideration by every household.
- Buying insurance has a lot in common with ripping off a Band-Aid: You just need to do it and then get on with the business of living.
- You’ve got life insurance in its simplest and most traditional form – a risk management tool – where you pay the company to provide a benefit to support your dependents (or achieve other financial objectives) in exchange for a defined cost should you meet an untimely demise.
- Death is universal folks. We all have to experience it at some time or another. Like Jim Morrison from The Doors said before tragically dying himself, “No one here gets out alive.” YES, you need life insurance if anyone relies on you financially.
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