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The primary goal of life insurance is to provide economic benefits to the dependents of an insured person after death. As a life insurance policyholder, your provider pays a specific amount of money called “death benefit” to your beneficiary after you are gone.
Apart from the direct benefit to your family members, life insurance is also helpful in paying off debts, offsetting funeral expenses, settling medical bills, carrying on your charitable deeds, and many more benefits. It is not surprising then that so many people seek this financial coverage to protect themselves and their families.