What is life insurance and why is it essential to have it to protect family and loved ones?

Life insurance is a contract between a Person and an insurance company, in which the person, that is, the insured, pays monthly payments (premiums) in exchange for the insurer providing a predetermined payment, known as the sum insured, this payment is given to the designated beneficiaries in the event of the death of the insured. In short, life insurance provides financial support to the loved ones and dependents of the insured in the event of their death.

Below, you will find some reasons why our LIFE INSURANCE is considered essential to protect your loved ones:

Continuous economic support:

If the insured is the primary income provider for his or her family, his death could leave his or her loved ones in a difficult financial situation. Life insurance provides financial support that can help cover daily expenses such as housing, food, education, and other essential expenses.

Debts and obligations:

If people have outstanding debts, such as mortgages, student loans, personal loans, etc. At the time of your death these debts do not disappear and may fall on the survivors. Life insurance can help pay off these debts and prevent loved ones from falling into debt.

Funeral expenses:

Life insurance can help cover these expenses, relieving the family of additional financial burden at an emotionally difficult time.

Education of children:

If the insured has children, he or she likely wants to ensure that they have access to quality education. Life insurance can provide funds for your children’s education and ensure their academic future.

It is important to choose the right type of life insurance based on personal needs and circumstances. There are different types of life insurance policies, such as term life insurance and permanent life insurance, each with different features and benefits.

When considering the purchase of life insurance, it is advisable to speak with one of our insurance experts to determine the best option for your specific situation.