People purchase life insurance for many reasons. Some of them are discussed here:
- Family protection – To provide financial security to surviving family members upon the death of the insured.
- Insurance to cover a particular need - Such as paying off a mortgage or consumer debt upon the insured’s death.
- Business insurance - To compensate a company on the death of a key employee or to provide a surviving partner the resources to buy out the deceased partner’s share of the business.
- To provide funds – To pay estate taxes or other final obligations necessary to settle a deceased person’s estate.
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