What is life insurance?
Life insurance is a form of insurance that grants your beneficiary (a person designated as the recipient of funds) cash benefits in the event of your death.
How does life insurance work?
It’s simple, you pay a monthly payment to the life insurance company, and if you die, your beneficiaries, will be paid the total amount you agreed with the insurance company.
How do I know when I need life insurance?
When it comes to life insurance the only question you need to ask yourself is “If I die today, who will need my income to be replaced?” Whether it’s your parents, your kids, business partner or spouse, someone in your life will face a financial blow if you were to pass away. So, if you lack the assets necessary to soften that blow, then life insurance is usually a good idea.