When it comes to life insurance, it can be tough to decide whether or not it’s worth it. After all, nobody wants to think about their own mortality. But the truth is, life insurance is a crucial financial tool that can provide much-needed security and peace of mind for you and your loved ones.
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First, let’s define what life insurance is. Essentially, it’s a contract between you and an insurance company in which you pay premiums in exchange for a payout to your designated beneficiary in the event of your death. There are two main types of life insurance: term life insurance and permanent life insurance.