The most significant benefit of having a life insurance policy is to provide financial protection to your loved ones in the unfortunate event of your death. The greater insurance you have, the greater the security is.
When you purchase a life insurance policy, you should ensure that you have covered the basics like end-of-life costs and the future. Experts recommend choosing the value life insurance that equals ten to fifteen times your annual income.
As life insurance death benefit is a tax-free sum of money, you can use the cash amount for multiple purposes.
Some examples include paying for your final expenses, living costs, education expenditures, mortgage payments, loan payments, donations, or charity.