Life insurance helps protect the beneficiary from financial loss related to the death of the Insured. Only someone who has financial interest in the life of another can have life insurance on that person, or be the beneficiary of that person's policy. When that person dies, the beneficiary is paid a cash benefit to help offset the financial loss from that person's death.
Life Insurance pays a tax-free death benefit which can help protect the financial future of your family including your current living expenses, replacing lost income. Business interests can also be protected with life insurance. For example, if there is an employee who is key to the operation of the business, life insurance can replace lost sales for example until a new employee can be trained. Or if you have a business partner....when a partner dies his business interest goes to his heirs unless an agreement is put in place to purchase the business interest from the heirs. Life insurance funds that payout.
There other and more examples if there is a specific question.
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There other and more examples if there is a specific question.