Life Insurance: Life insurance is required basically for two major reasons:
1. To cover a debt such as a mortgage
2. To provide money for your dependents in the event of your death
Life cover provides lump sum payment to your dependents or other nominated beneficiaries in the event of your death. Whatever may be the liabilities of your loved ones whether paying a mortgage or money for education or buying a new house, this money will be a great relief for them.
To ensure that in the event of your death the claim money does not go into deceased’s estate always make your spouse or your family trust as the owner of the policy.
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