Life insurance protects your family or business from financial risk in the event of premature death. Financial risks covered may include burial expenses, debts owed, loss of family income and business profits. Annuity is a guaranteed income for the life of the one covered. This coverage is designed to protect you from running out of financial resources due to living too long.
Examples of Insurable Life Insurance Interests
Sally would like to take a life insurance policy on her mother to ensure all funeral costs and debts can be covered when that time comes. During a loss of a loved one, financial stress should be the last thing you should have to worry about.
Tom is a soul provider for his wife and kids. His wife is currently a student in her first year of nursing. Tom wants to take out a life insurance policy on his own life to ensure his wife can continue her studies and the family can be financially secure for a set amount of time in the event of his premature death.
Samantha wishes to take a life insurance policy out on her top sales agent to protect her business from a drop in sales in the event of a salesperson’s death.
When applying online for a life insurance quote, one question that will be asked is what you do for a living. Basically they want to know how much risk your occupation presents. I came across this very old photo of someone working on a sky scraper and thought it would be a good addition to this post. Could you imagine what their rates may have been?