Life insurance can provide a protective financial cover for you and your loved ones. It ensures that you and your dear ones always get financial support.
Here are some of the points to be aware of regarding life insurance.
1. Peace of Mind
Having life insurance provides the ultimate peace of mind.
Doctors, if you have someone who is relying on your income, it gives peace of mind to give them a financial safety net when you pass and to not have them have to worry about your burial costs.
2. Investing Option
Some life insurance plans also offer you the opportunity to invest. These policies invest your premium in different investment classes to deliver superior risk-adjusted return and gives you a cash value.
Those kind of insurances are called whole life insurances and are also called traditional whole life, universal whole life, and variable whole life insurance.
3. Proceeds Can Be Paid to the Beneficiary Without Delay:
Life insurance proceeds are not part of the probate estate, unless the estate is named as the beneficiary of the policy.
Therefore, the proceeds can be paid to the beneficiary without any delay caused by administration of the estate.
These are just a few points about life insurance you should know. I will go into details and explain the difference between term life insurance and whole life insurance soon.
Disclaimer: The post is for informational and educational purposes only.
Please consult your financial adviser for appropriate financial advice.
Caroline Clerisme, DMD