Life insurance is financial protection that pays beneficiaries when the insured dies. There are several types of life insurance including term and permanent life. Term life pays a lump sum benefit during a specified period of time (typically 10 years, 20 years, or 30 years). Permanent coverage is designed to provide insurance coverage for a person’s entire life.
Life insurance can be extremely important for a family looking for financial protection in case of tragedy. It can also serve as a way to minimize the financial impact of estate taxes when building a robust estate plan.
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