What is a life insurance policy?

A life insurance policy is a legal contract between you (the insured/policy holder) and the insurance company (also known as the insurer). This contract establishes the terms, conditions and amount that a company will pay to your beneficiaries, upon your death. Why should I purchase a life insurance policy? Generally, life insurance is not for you, but for the people that you’re leaving behind. It will be used to protect your loved ones at the worst time in their life. Imagine if you do not come home today, how their lives would change financially and emotionally. There would be a great burden coming from the bills and loss of income that they shouldn't have to worry about. Life insurance can guarantee that you family will be financially okay during this uncertain event in their life. What is life insurance used to protect? Just imagine if you didn’t come home today what bills would continue to be due. Let’s face it, all of the companies you owe money to are not going to give your ...  more