Life insurance can help your loved ones deal with the financial impact of your death. The death benefit paid from a life insurance policy is a tax-free, lump-sum amount that can be used to
- replace your income so your family can maintain their standard of living
- provide for your children or dependents
- pay for funeral expenses
- pay off your debts
- make a gift to charity
You may also choose to leave the money to your estate or to a trust.
The question “How much and what kind of insurance to buy”, is quite daunting and tricky.
Below are the available life insurance options :