Life insurance protects loved ones against financial hardship should death occur before our financial goals are achieved.
Death benefit paid by the insurance company can help pay medical bills, funeral expenses, provide cash that family members can use to maintain their lifestyle, service debt, or invest for future needs like education expenses.
Therefore, one of the first steps in developing a financial plan is to purchase adequate Life insurance coverage.
Although nobody ever expects to use his/her insurance coverage, a first step in a sound financial plan is to have adequate coverage “just in case”.
Lack of insurance coverage can ruin the best-planned investment program.
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