Why do you need life insurance?

Life insurance can provide financial peace of mind that you and your family would be covered for some of the major expenses of life if something were to happen to you.

The purpose of life insurance is to provide financial protection to surviving dependents after the death of an insured, or if the person insured is terminally ill.

You need life insurance only if anyone would be put at risk or suffer financially because of your death. … Without life insurance to pay off business debts, an owner’s heirs might struggle to keep a company going or be forced to sell it

The following deaths may not be covered in a term insurance plan: Death due to driving under the influence of alcohol. Accidental death due to the driving under the influence of drugs. Death due to the participation in racing events (car racing and bike racing)

Life insurance is a contract between you and a life insurance company. You agree to pay for the policy on a regular basis, and the insurer agrees to pay a sum of money to your beneficiaries if you die.