Life insurance is a contract between you and an insurance company that provides financial protection for your family or beneficiaries in the event of your death. In exchange for regular premium payments, the insurer guarantees a death benefit, which can be used to:

• Protect the lifestyle of your children, spouse, or dependents.

• Cover essential expenses, such as education, mortgages, or debts.

• Fund unexpected events, like serious illnesses or long-term care.

Additionally, some policies include a cash value that can be used as a source of income during your lifetime, either to supplement retirement or for medical emergencies.

What is life insurance and what needs does it cover?

Key benefits of life insurance

• Financial Security: Ensures your loved ones can maintain their quality of life.

• Flexibility: Can be adapted to specific needs (savings, investment, temporary, or permanent coverage).

• Long-term Planning: Helps cover goals like children's education or leaving a legacy.
  

How to Choose the Best Policy?

When buying a life insurance policy, consider these key factors:

• Amount of Coverage Needed: Base this on your debts, income, and your family's future needs.

• Duration: Do you need temporary coverage (e.g., until your children are independent) or permanent coverage?

• Affordability: Choose premiums that fit your budget without compromising on the protection your family needs.

Note: Some policies allow you to access a portion of the death benefit in case of severe illness, adding an extra layer of financial security.