What is it?
A contract: you pay a premium (monthly or annual) and, if you die during the term, the insurer pays the agreed sum to the people you chose as beneficiaries.
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LIFE INSURANCE
Life insurance is not an investment or a reward: it is protection. If the person who financially supports the family dies, the insurance pays a sum to their beneficiaries so rent, debts, and schooling do not stop all at once.
A contract: you pay a premium (monthly or annual) and, if you die during the term, the insurer pays the agreed sum to the people you chose as beneficiaries.
Term insurance covers for a defined period (for example, 10, 20, or 30 years) and usually costs less. Permanent insurance covers for life and usually costs more. Which one fits depends on each family: there is no single answer.
To replace the income the family would lose, cover debts or the mortgage, and leave funds for the children’s education. The underlying question is: if I am gone tomorrow, what is covered and what is not?
WHERE DO YOU START THINKING ABOUT IT?
An educational way to estimate the need is to add: Debt + Income for the years your family would need it + Mortgage amount + Education and future expenses, and subtract the coverage you already have and your savings. The result is an illustrative estimate, not a personal recommendation.
General information for educational purposes. It is not financial advice, not a quote, and not an offer of any product. SEGVERA does not sell insurance and is not an insurer. For a personal quote, consult a licensed agent.
General educational answers. Not personalized advice or an investment recommendation.