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Life insurance

Life insurance is another form of insurance. This is a payment to what goes called a beneficiary. If somebody that's insured dies so a beneficiary is someone who receives insurance money from the person that is insured And  in this case you might be a beneficiary independent because you rely on someone else for money And care. So for instance I have life insurance so if I were to die my wife  would get the money and sometimes it's to cover funeral costs. Sometimes it's to just make sure the other person can sustain their livelihood as they make adjustments to their life. If you have dependents it's especially important to have life insurance. Because with a dependent that means someone is relying on you for money. So if you have dependents if you have children and if you pass away you want to make sure they're taking care of And that they at least have some money to live off of for a while. Life insurance isn't a lifelong thing it's not for the rest of the lives of the dependents although sometimes it can be but not usually it's a set amount of payments for so long. So this can be provided by the employer or individual. It could cover paid and unpaid work such as household production that could be considered into the value. So it's really purchase necessary to purchase life insurance if you have someone else who relies on your income. If I wasn't married and if I didn't have I don't if I don't have kids I didn't have kids. I might not get a very high amount of life insurance. I might only have it's that way my parents could take care of any funeral costs. This is a very sad insurance if you haven't already caught that.



 Insurance is an important part of your financial plan. It's not intended to make you better off than you were before. It's just trying to get you back to where you were when you started. It can be acquired from lots of different places. Even though you have insurance you should still have the money available to pay for deductible and coinsurance. And there are several different types of insurance available for specific purposes.



 OK. I'm going to go through a couple of scenarios and you have to try and think what covers this risk. So for example you are unable to work for six months and need help paying your expenses while you're out of work. So think back to the types of insurances. It is disability insurance A sudden death of a family member results in loss of income. I hope you get this one life insurance you are elderly and need assistance from medical professionals to continue living at home long term care insurance. Your home is destroyed by a tornado and you need to rebuild. Property insurance specifically homeowner's insurance. You are having a baby and need medical care health insurance. Sometimes it can be considered when you're gone and not able to work that's when disability insurance would kick in the car you are driving causes an accident that injures somebody else. Liability insurance specifically automobile insurance. And while you are driving your car you hit a tree your car must be fixed by professional repair shop. Collision insurance. That's the type of automobile insurance. 

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