Liffe insurance is a type of insurance purchased by people to help cover the cost of their death. Many people purchase life insurance as a hedge against financial uncertainty, death, and financial hardship. In addition, some people purchase life insurance as a way to help their families financially after they die. As with all types of insurance, there are pros and cons to purchasing life insurance.
Most companies offer life insurance to help with payment of funeral expenses in the event of a death. Typically, when someone dies, debts die with him, making the cost of funerals very expensive. Life insurance helps families cover these costs by paying out a predetermined amount when someone purchases life insurance. This relieves the family of the cost of a funeral while still covering the cost of ongoing expenses for the deceased person's family.
Life insurance can also help families cover the cost of education for the deceased's children. Typically, if someone dies debt free, their family doesn't have to pay for their children's education. However, if someone dies with debts, their family can be left paying for their children's college expenses. Life insurance helps cover these costs by paying out a predetermined amount when someone purchases life insurance for his or her children's education. This way, the family can focus on mourning without worrying about finances.
Life insurance is an essential tool in protecting your financial wellbeing in case of death or disability, especially if you have children or want to help subsidize your children's educational expenses.
Most companies offer life insurance to help with payment of funeral expenses in the event of a death. Typically, when someone dies, debts die with him, making the cost of funerals very expensive. Life insurance helps families cover these costs by paying out a predetermined amount when someone purchases life insurance. This relieves the family of the cost of a funeral while still covering the cost of ongoing expenses for the deceased person's family.
Life insurance can also help families cover the cost of education for the deceased's children. Typically, if someone dies debt free, their family doesn't have to pay for their children's education. However, if someone dies with debts, their family can be left paying for their children's college expenses. Life insurance helps cover these costs by paying out a predetermined amount when someone purchases life insurance for his or her children's education. This way, the family can focus on mourning without worrying about finances.
Life insurance is an essential tool in protecting your financial wellbeing in case of death or disability, especially if you have children or want to help subsidize your children's educational expenses.