What is Life Insurance?

Life insurance is a contract between the insured and an insurance company and is a way to provide protection against the economic loss caused by the death of the insured.

Why do I need Life Insurance?

Income replacement: For most people, their key economic asset is their ability to earn a living. If you have dependents, then you need to consider what would happen to them if they no longer have your income to rely on.

Pay outstanding debts and long-term obligations: Consider life insurance so that your loved ones have money to offset burial costs, credit card debts, and medical expenses not covered by health insurance. In addition, life insurance can be used to pay off the mortgage, supplement retirement savings, and help pay college tuition.

Estate planning: The proceeds of a life insurance policy can be structured to pay estate taxes so that your heirs will not have to liquidate other assets.

Charitable contributions: If you have a favorite charity, you can designate that some of the proceeds from your life insurance go to that organization.