Life Insurance: Not Just for the Wealthy – Here’s Why

Life Insurance: Not Just for the Wealthy – Here’s Why

Imagine a safety net, catching and protecting those you love as they maneuver through the complexities of life. That’s what life insurance does. In simple terms, life insurance is a contract between an individual and an insurance company. The individual agrees to pay a premium, and in return, the insurance company promises to provide a sum of money to the beneficiaries after the individual’s death. This money is referred to as the death benefit.

The mere mention of life insurance often conjures images of the wealthy leaving behemoth legacies for their families. While it’s true that the affluent use life insurance to protect their wealth, this invaluable resource is not just for them.

For the average earner, life insurance can mean not leaving loved ones in a financial lurch. For the single parent, it might signify that the children will have the funds for education. For the small business owner, it could mean that the business they’ve painstakingly built from the ground up doesn’t crumble. 

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