A protection against the loss of income that would result if the insured passed away. The named beneficiary receives the proceeds and is thereby safeguarded from the financial impact of the death of the insured.
to cover your mortgage loan or payments
the savings, cash value build-up or investment opportunity help build a family’s net worth or nest egg
to replace a home-maker’s contribution
to help cover estate taxes
Protect Your Business
to protect a business against the loss of a key employee, known as key man life insurance
typically offered as group life insurance through your employer
Dependents Income Replacement
Objective of 'Life Insurance'
The goal of life insurance is to provide a measure of financial security for your family after you die. So, before purchasing a life insurance policy, you should consider your financial situation and the standard of living you want to maintain for your dependents or survivors. For example, who will be responsible for your funeral costs and final medical bills? Would your family have to relocate? Will there be adequate funds for future or ongoing expenses such as daycare, mortgage payments and college? It is prudent to re-evaluate your life insurance policies annually or when you experience a major life event like marriage, divorce, the birth or adoption of a child, or purchase of a major item such as a house or business.
Life Insurance Is A Gift
In the end, life insurance offers you peace of mind. Because life is uncertain, it is important to plan for the unexpected, and those with life insurance know their family’s financial needs will be met if they are no longer around. Ensuring that your spouse and children will be able to cover mortgage payments, credit card bills, daily living expenses, education costs, and other debts is a legacy gift that demonstrates the love you have for your family.