WHAT IS INSURANCE
Life insurance is a critical part of financial planning that provides financial protection for your loved ones after your death. It can provide a source of income to your family members, cover funeral expenses, pay off outstanding debts, and provide long-term financial security. In this blog post, we will discuss what life insurance is, the different types of life insurance, and why it is essential for everyone to consider having it. What is Life Insurance? Life insurance is a contract between an individual and an insurance company, where the individual agrees to pay premiums to the insurance company, and in exchange, the insurance company agrees to pay a lump sum of money to the individual's beneficiaries upon their death. The beneficiaries can be anyone the individual chooses, such as their spouse, children, or other loved ones. The lump sum payment is often tax-free and can be used to cover expenses such as mortgages, living expenses, and educational costs. ...