Life insurance 

Life insurance serves as a financial safety net for the policyholder's loved ones in the event of the policyholder's death. It provides a tax-free death benefit to beneficiaries.

The primary purpose of life insurance is to pay out a death benefit to beneficiaries, which can be used to cover various financial needs, including funeral expenses, outstanding debts, daily living expenses, and long-term financial security.

Life insurance comes in various types, including term life insurance (providing coverage for a specified term), whole life insurance (permanent coverage with a cash value component), and universal life insurance (flexible premiums and investment options).

Life insurance provides peace of mind, knowing that loved ones will be financially protected in the event of the policyholder's passing, ensuring their financial future and well-being.

Life insurance can be used as an essential tool for estate planning, helping to address estate taxes and the equitable distribution of assets among heirs.

Permanent life insurance policies, like whole life and universal life, may accumulate a cash value over time that can be borrowed against or withdrawn for various financial needs.

Life insurance can be surprisingly affordable, with premium costs varying depending on the type of policy, coverage amount, and the policyholder's age and health.

Life insurance can also be a valuable asset protection tool for business owners, ensuring the continuation of their business in the event of their passing.