Definition & Purpose
- Define life insurance in simple terms: A contract between you and an insurance company where your beneficiaries receive a payout upon your death.
- Explain the purpose: Protecting dependents, covering outstanding debts, and securing financial stability for loved ones.
Key Benefits of Life Insurance
- Provides income replacement for your family.
- Covers mortgages, debts, and everyday expenses if you pass away.
- Pays for college education or future expenses for children.
- Helps with funeral costs and medical bills.