LIFE INSURANCE
When a death occurs in a family, those who are left may suffer financial loss and hardship. Life insurance is designed to ease those difficulties. Its primary purpose is to protect the surviving members of a family or other dependents against the loss of an individual’s income or services. A life insurance policy is a legal agreement between you and an insurance company that guarantees the payment of a death benefit to your chosen beneficiaries in exchange for the payment of a premium by you.
To help you decide if you should buy life insurance, think about your family situation and what would happen if you died tomorrow. Would there be enough money available for medical and funeral costs? Does your spouse have a separate income that could pay for food, clothes and household bills? Do you have any debts that would be difficult or impossible for your survivors to repay? Do you have children who will need financial assistance for their education? Are you responsible for your parents’ care?
To help you decide if you should buy life insurance, think about your family situation and what would happen if you died tomorrow. Would there be enough money available for medical and funeral costs? Does your spouse have a separate income that could pay for food, clothes and household bills? Do you have any debts that would be difficult or impossible for your survivors to repay? Do you have children who will need financial assistance for their education? Are you responsible for your parents’ care?
