First, A Brief Explanation of Life Insurance
Simply put, life insurance provides protection against the economic loss caused by the death of the person insured. Usually, it’s a lump sum payment (sometimes known as a death benefit) to beneficiaries. The amount of premiums paid for this coverage varies based on the type of life insurance, the amount of coverage and other factors. Life Insurance is purchased based on the needs and goals of the individual wanting to insure his/her life and the lives of his/her family, and it is typically paid monthly. The benefit can help replace lost income, help pay for funeral costs, debts, and even medical expenses of the deceased not covered by health insurance.