Episode notes
Life insurance is a contract between you and an insurance company where you pay regular premiums, and in return, the insurer provides a lump sum payment (called a death benefit) to your beneficiaries upon your death. It’s a way to protect your loved ones financially in case you’re no longer around to provide for them. There are a few different types of life insurance: Mortgage & Family Protection Life Insurance: Provides coverage for a set period (like 10, 20, or 30 years). If you pass away during the term, your beneficiaries receive the death benefit. If you outlive the term, there’s no payout. Steps to Set Up Life Insurance: Assess Your Needs: Determine how much coverage you need. This can be based on factors like income, debts, family size, and future expenses (like education or retirement). Choose the Type of Life Insurance: Decide betwee ...
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