Here are the questions about life insurance we receive most often and our brief, basic answers.
The need for life insurance
Q: What’s the purpose of life insurance?
The primary reason to own life insurance is so that your beneficiary(ies) can receive a monetary payout — called the “death benefit” — if you pass away while you are covered under the policy.
How much life insurance coverage you purchase is up to you. You can purchase an amount of coverage to correspond with what you’d like the death benefit to be used for — to pay for your final expenses, make up for the loss of your income so your family can cover their living expenses, finance care for a dependent with special needs, pay off debts or pay for your kids’ college tuition.