Many people now believe that life insurance is a similar bet. You're wagering that you'll die at a certain point in time, while the insurance company is bet that you won't. If the insurer wins, the premiums are kept; if you win, you die, and the death benefit is distributed to the beneficiary.
This is a morbid way of looking at things, and you could say the same thing about health insurance, auto insurance, and life insurance. If you are resident in Spain then you can also get the best life insurance from turner insurance.
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The truth is that you require life insurance to alleviate the financial burden of your death. Example: A married couple, both professionals who earn a lot of money, have a child and, like any other family, they have monthly bills, and one of the couple dies. The chances of the spouse returning to work the next day are close to none.
The capacity to reduce the risk of financial stress is what life insurance is all about. This could be in the form of cash or taxes through estate planning.
The Insured: The person that is covered by the insurance company
The Owner: The one that pays the premium, controls the beneficiary and basically owns the contract.
Face Amount: Also known as the death benefit. The amount to be paid to the beneficiary.
To begin, you should check your beneficiaries once a year and your policy every 2-3 years. This is a free service! You must ensure that the beneficiaries are the persons to whom you wish to pay!
Divorce, death, a disagreement, or anything else similar can cause you to change your mind about who should receive the benefit, so be sure you have the correct individuals and estate planning in place.