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Most have family or people they hold dear. Many of us have people who rely on us to have their needs met, whether it be children or a spouse. Being ready for events or circumstances that could cause a loved one, or even yourself to pass is important. That is where Life insurance comes into play, it enables a way to protect the financial stability you or a loved one provide after your passing.
Life policies grant the policy holder a death benefit that is left behind to a beneficiary. The customizable options(riders) of life policies are made to cater to specific needs of individuals. "Living benefits" are another feature of life policies. They give early access to death benefits if a qualified event happens.
Life Insurance is similar to Final expense/Burial insurance but has a higher death benefit and an increased premium. Also the additional features sated above. Typically life insurance is used for income replacement or as a way to leave a legacy for loved ones in the form of monetary value, because of this life insurance is very important to some people. Attached is a pdf of the three most common types of life insurance policies and some information about them.
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