Financial Literacy – What is Life Insurance?
What is Life Insurance?
Life insurance is there to protect your income and wealth.
Life insurance is there to protect your income and wealth. It is a critical part of any personal finance strategy as it protects the individual (or insured) from any unexpected events. Life insurance comes in two flavors: term and permanent. Both types offer the insured a death benefit, but the permanent life insurance offers a cash value portion.
Why is it that we pay insurance for our cars?
Why is it that we pay insurance for our homes?
But, we get squeamish when we pay insurance for our life?
Let's answer with examples, why we need life insurance today.
Hope you had fun and learned something today!
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