Life insurance is an integral part of financial planning, which, unfortunately, many people tend to overlook.
But life insurance is so much more than just a safety net for the unthinkable. It's a tool that can help secure your family's financial future, cover unexpected expenses, and even help you save for retirement.
Term life insurance is a policy that provides financial coverage for a specific time duration or 'term.' If the policyholder dies during this term, the insurer pays a pre-decided death benefit to the beneficiaries.
One such type of life insurance that often gets overlooked is Whole Life Insurance. While it may not be as commonly discussed as Term Life Insurance, it certainly has its unique benefits that make it a viable option for many.
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The choice of beneficiary for your life insurance policy is crucial, as it determines who will receive the benefit amount in case of your death.