General Psychology and Life Skills (PsyC 1011) Chapter 1 Part 1
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Life insurance
Life insurance 1. What is life insurance and why is it important? Life insurance is a financial product that provides a payout to your loved ones after you pass away. It's important because it can help your family cope financially during a difficult time. Here's a breakdown of why it matters: Financial Security: Life insurance provides a lump sum of money, called a death benefit, to your beneficiaries. This money can cover expenses like funeral costs, outstanding debts, or even income replacement. Peace of Mind: Knowing your family won't be burdened financially after you're gone can bring peace of mind. Different Needs, Different Options: Various types of life insurance are available, depending on your needs and budget. Term life insurance offers coverage for a specific period, while permanent life insurance provides lifelong coverage and may accumulate cash value. Life insurance isn't necessarily for everyone, but it's an important financial tool to consider,...
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