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Life Insurance
Life insurance is used to provide protection for an insured's beneficiaries. It provides a monetary death benefit, which is paid to the beneficiaries that the insured designates in the policy. This money can be used to fill many needs for the beneficiaries including last expenses, lost income, education funds, paying off a mortgage, and retirement among others (2005, Schultz, Prelicensing Education Textbook: Life Insurance). Life insurance can be bought in different forms including term, whole life, variable whole life and variable universal life. |
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