Life Insurance


Life Insurance

Life insurance is an agreement between you (the insured) and an insurer. Under the terms of a life insurance contract, the insurer promises to pay a certain sum to someone (a beneficiary) when you die, in exchange for your premium payments. Life insurance can be a very valuable asset as part of your insurance coverage needs. If you have loved ones who depend on your income it can be a very comforting thought for you and them to know they will not have to worry in the untimely event of your death.

Why would I need life insurance?

To replace the income lost when you die for your loved ones. This will allow them to continue on with some amount of normalcy without the worry of the financial burden.

Another common use of life insurance proceeds is to pay off any debts you leave behind. Bills like mortgages, car loans, medical bills, and credit card debts are often left unpaid when someone dies. These obligations must be paid form the assets left behind. Life insurance can create and estate for your heirs. After your debts and expenses are paid, there may not be much left over for your family. Life insurance can automatically provide assets for them after your death. Life insurance can help with final expenses such as funeral expenses and estate taxes.


Life insurance can be used to give to a charity when you die. Life insurance can be used as a critical component for specialized business applications, such as funding a buy-sell agreement. With a buy-sell agreement, life insurance can be used to provide cash for the purchase of a deceased owner’s interest in the business.

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