Define “Life Insurance” A protection against the loss of income that would result if the insured passed away.
- Protection policies – designed to provide a benefit, typically a lump sum payment, in the event of specified event. A common form of a protection policy design is term insurance.
- Investment policies – where the main objective is to facilitate the growth of capital by regular or single premiums. Common forms (in the U.S.) are whole life, universal life, and variable life policies.
1. To Protect Your Family and Loved Ones
2. To Leave An Inheritance
3. To Pay Off Debts and Other Expenses