How life insurance works: a beginner's guide
Life insurance pays a tax-free benefit to the people who depend on you if you die. You pay premiums; they get protection.
The two families
- Term — coverage for a set period; cheap and simple.
- Permanent (whole/universal) — lifelong, builds cash value, costs more.
How much / how long
Cover the years your family depends on your income, and enough to clear debts and replace earnings. For most, term does the job.
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