10 December, 2020

What is the purpose of life insurance?

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Life insurance provides protection for your beneficiaries in the event of your death. A life insurance policy will pay a tax-free amount of money, known as the death benefit1, to your beneficiaries, which can be used to help replace your salary and cover living expenses, continue your plans to send any children to college, pay off debts such as your home, and provide an extra cushion for things you just can’t predict may come up. The goal is to protect your beneficiaries from unnecessary financial hardship should the unexpected happen