Life insurance and how it works in the USA
For many, the phrase "life insurance" causes mixed emotions. However, most do not know how this type of insurance works, what types of policies are and what their pros and cons are. Therefore, today I will try to explain all these nuances.
ㅤ 📌 WHAT IS LIFE INSURANCE?
Life insurance is a person’s life insurance. That is, in case of death of the insured person, the family will receive money.
ㅤ 📌 WHY NEED A LIFE INSURANCE?
Life insurance is needed so that in case of death of the insured person, the family does not experience financial problems. According to statistics, in 7 out of 10 cases after the death of a person, the family experiences significant financial difficulties, since the costs remain approximately the same.
ㅤ 📌 WHO NEEDS A LIFE INSURANCE?
Life insurance is needed more for couples. This insurance is also needed by business partners. In general, the people on whom the financial well-being of another person or people depends. Also, insurance is often bought by people who want to leave an inheritance for children.
ㅤ 📌 WHEN IS IT BETTER TO HAVE A LIFE INSURANCE?
Life insurance should be purchased as soon as it becomes necessary. Mostly it is marriage, the birth of a child or the acquisition of real estate. Although the cases are different. Often parents buy insurance for children in terms of accumulating money for them (more on this later). There are also cases when young people buy insurance at an early age, because the younger the person, the more insurance is cheaper.
Here is such a small excursion into a new concept for many ☺️ If you have any questions - ask them in the comments to the post, or in the messages, we will discuss!