Why do people choose to buy life insurance - what is the purpose?
Many people buy life insurance policies to provide financial security for their loved ones inn case they die.
With life insurance you choose who will receive the proceeds (death benefit) from your life insurance upon your death.
The proceeds from your life insurance can be used by your beneficiary any way that person(s) sees fit. So, you could leave your life insurance to your spouse and he (she) could use the money to pay off the home mortgage loan, or for living expenses, to pay off the credit cards or provide for your child's college education, or your spouse's retirement.
Life insurance can be an affordable approach to replacing your income for your family in case you are no longer there to provide for them.
Learn more about
why people use life insurance and what are common reasons for buying a life insurance policy.
