It’s My Life, Do I Need Life Insurance?

Life insurance is a contract between an insurance company and an insured known as a policy holder. The contract has a face value (amount the policy is worth called the death benefit), insured (person that the policy is covering) and a beneficiary (individual who will receive the payout) when the policy claim is paid by the insurance company. The life insurance policy guarantees the insurer pays a sum of money to the beneficiary when the covered individual dies if the life insurance policy is current and in good standing. Policy holders pay premiums throughout the life of the covered individual. Premiums vary in cost depending on age, health, and type of life insurance policy. 

They are typically paid monthly to be more affordable, but some companies offer other payment options for premiums to be paid quarterly, semiannually, and annually in one lump sum. There are many types of life insurance policies that can be used to provide financial protection for families who lose loved ones. So, you ask yourself do I need life insurance? Are you a parent of young child(ren)? Do you own a business or property with a partner? 

Are you a young adult and in good health? Does a family depend on you for economicsupport? Are you a retiree who wants to leave money to an adult child or for grandchildren? Ifyou answer yes to any of the questions, then it is simple. You do need to purchase a lifeinsurance policy.

https://www.msn.com/en-us/money/insurance/what-is-life-insurance-26-how-does-it-work/ar-BB1d4105https://www.investopedia.com/terms/l/lifeinsurance.asp#what-is-life-insurance