What is Life Insurance?
Life insurance pays out a sum of money either on the death of the insured person or after a set period of time.
Common Types of Life Insurance
Why Do I Need Life InsuranceIf someone will suffer financially when you die, chances are you need life insurance. Life insurance provides cash to your family after your death. This cash (known as the death benefit) replaces your income and can help your family meet many important financial needs like funeral costs, daily living expenses and college funding. What’s more, there is no federal income tax on life insurance benefits.
To figure out if you need life insurance, you need to think through the worst-case scenario. If you died tomorrow, how would your loved ones fare financially?
Most Americans Need Life Insurance:
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