Like any type of insurance policy – auto, home, or health, for example – life insurance is intended to offer you peace of mind. In this case, you gain the security of knowing that your loved ones will be cared for in the event of your death. Whether you suffer an untimely demise or you live to a ripe old age, so long as you hold your insurance policy, your beneficiary (a spouse, child, or other) will receive money that can help to pay for your burial/funerary costs, pay off any outstanding debts that may fall to them, and perhaps have some money left over to compensate for any income you may have brought into the household. If you plan accordingly, the life insurance you leave behind could pay off a mortgage or send your kids to college. Or it could allow your spouse or a child to live comfortably for several years in your absence. But before you select a policy, you might have some questions. Here are a few of the most common.
Read More