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Life insurance is a protection against the loss of income that would result if the insured passed away. The designated beneficiary receives the tax free cash benefit and is thereby safeguarded from the financial impact of the death of the insured.
This benefit can help them to:
- Pay off debt and loans
- Maintain their standard of living
- Pay for children's education
- Cover death related expenses like funeral costs etc.
The amount of coverage you choose and type of insurance you buy should be based on your circumstances and needs.