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What Is Life Insurance?
Life insurance (sometimes known as life assurance) provides a lump-sum payout upon the death of its policyholder (known as the insured), usually to their designated beneficiary. Proceeds from life policies typically serve to pay final expenses and any outstanding debts left by an insured; however, specific policies may differ - you can buy one individually, through work groups or membership organizations or directly from insurers.

Life insurance is an agreement between you and an insurance company that guarantees a lump sum payout upon your death in exchange for regular premium payments. This lump sum payout may help your loved ones cover everyday living expenses such as living costs, mortgage, debt payments or education costs. Depending on the type of life insurance policy you purchase, numerous advantages could be provided to both yourself and your loved ones.

Purchase life insurance policies directly from an insurer, via mail order or through an agent. Some employers also provide group policies which can be cheaper. Before making your decision, always consult a qualified life insurance professional to make sure you have sufficient protection in your specific situation.

Life insurance policies offer not only death benefits but also cash value that you can borrow against or withdraw at any point in time during your lifetime. In everdaylifeinsurance.com to access it, however, they often include requirements such as making minimum premium payments and maintaining good health.

Once you die, the insurance company will provide your beneficiaries with a tax-free lump sum corresponding to the face value of the policy's face value; this money can then be used for whatever purpose you deem fit such as paying off debts, purchasing property or sending children off to college.

Though most people purchase life insurance to cover burial costs, there may also be many other reasons for purchasing life insurance such as peace of mind and planning for retirement and estate needs.

Life insurance claims are typically processed quickly, usually within one to two weeks after an insured person passes away. Unfortunately, because no insurer can monitor every death, some claims may be delayed or denied due to poor evidence or suspicious circumstances surrounding its cause of death.

Owner of Life Insurance Policy "Owner of life insurance is defined as any individual responsible for making payments on their life policy; while "Insured" refers to those whose deaths will trigger payment of death benefits. Both can be the same individual. Otherwise, at time of purchase an owner will usually designate one or more beneficiaries and this beneficiary needs the consent of both parties before changes or assignments can take place; irrevocable beneficiaries don't require consent of either.
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