Financial Facts Friday: Life Insurance! What is it?

Welcome to Financial Facts Friday! The next couple of segments we will be learning about life insurance!

Today’s video will answer the question: what is life insurance?

Life insurance is an insurance product for people, similar to how car insurance is for a car. Car insurance will pay out in the case of an accident, whereas life insurance will pay out once you pass away.

Once someone passes away, their life insurance is going to pay their beneficiaries (often their family) and will often replace the income the deceased family member can no longer provide, which is why another name for life insurance is “income protection.”

Next week we will talk about how life insurance works! Happy Friday!

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