A contract for life insurance is made between a person and an insurance provider. The insured agrees to pay recurring premiums, and in exchange, the insurance provider pays a lump sum, or death benefit, to the chosen beneficiaries upon the insured’s passing.
In the case of a person’s passing, life insurance is meant to safeguard their family or dependents financially. The death benefit can be used by the beneficiaries to pay for expenses including burial fees, unpaid debts, and continued living costs.
Life insurance policies come in a variety of forms, including term life insurance and permanent life insurance. Term life insurance offers protection for a predetermined amount of time, generally 10, 20, or 30 years, and gives a death benefit in the event that the insured passes away.
On the other hand, permanent life insurance offers protection for the insured’s whole lifetime and frequently consists of a savings component that might accrue financial value over time. Contact us today, your right Life Insurance Advisor in Surrey BC.
In the event of sudden death, life insurance can offer comfort and financial stability to people and their families. Anyone who relies on them for financial support and has dependents should take this into account.