Life insurance provides a safety net for your loved ones. In the event of a death, the policies death benefit can be used to replace your income and help your loved ones maintain their standard of living. Life insurance will also ensure that your family can still make mortgage payments or it can be used to settle debts such as car loans or credit card balances, , preventing them from losing their home or being responsible for your debt after your passing.
Life insurance can be a valuable tool for estate planning. It can help cover taxes and other expenses, ensuring that your assets are preserved and can be passed onto your loved ones. It can also provide financial support to a company in case of the business owner’s death, helping the business continue its operation and transition into new ownership.