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What Is Life Insurance?
Life insurance provides financial security for your loved ones in the event of your death. It can help cover mortgage or rent payments, car loans and debt obligations, tuition payments for children's college tuition programs as well as ongoing living expenses. Life insurance policies can also assist with covering final expenses like funeral and memorial costs. A life insurance policy typically is an agreement between an insurer and their policyholder in which the former promises that upon death or other specified events they will pay out a specified sum to a beneficiary of their choice. Your specific goals and priorities may dictate the amount of coverage necessary to meet them, so selecting a type and amount of life insurance that meet them can be challenging. Consult a financial professional when making this important decision to help identify your needs as well as possible solutions for them.

Life insurance's death benefit (also referred to as a payout) is typically tax-free. There may be some exceptions; please consult a tax professional for more clarification. Your premium amount will depend on the size and scope of your coverage; many policies offer living benefits1 or cash value that you can use during your life to supplement this sum; additionally, terms can either be fixed or flexible with each type of policy offering different features that might work for you.

When purchasing life insurance, you will designate one or more beneficiaries who will receive its proceeds upon your death. Care should be taken when selecting these beneficiaries as the insurer is contractually obliged to only pay them. Ideally, periodically reviewing everdaylifeinsurance.com ensures they reflect your current priorities.

Stranger-Originated Life Insurance or STOLI can occur when an individual purchases a life insurance policy listing themselves as the owner and beneficiary, effectively circumventing its intended purpose by turning it into an investment tool. Such behavior has resulted in regulatory or legal action being taken against these activities in certain jurisdictions; life insurers have implemented anti-STOLI policies in response.

Life insurance can help your family secure its financial future in many ways. By understanding your specific goals and the available life insurance products, life insurance is an excellent way to do just that. Consulting an experienced financial professional may also be invaluable in finding a policy tailored specifically to you and your family's needs.
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