What Is Life Insurance Used For at Life

What Is Life Insurance Used For. Let the mutual funds handle the investment part. In legal terms, life insurance is a contract between a policy owner and insurer, wherein the latter agrees to reimburse the occurrence of the insured individual's death or other event such as terminal illness or critical illness.

How quickly does a life insurance policy pay out? Life insurance riders can be an added feature for an additional charge, or they can be included in a policy. If you don't die during the term, the policy doesn't pay out and the premiums you've paid are not returned to you.

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Life insurance riders can be an added feature for an additional charge, or they can be included in a policy. A life insurance rider is an additional feature added to a life insurance policy. Term life insurance can be used for many different purposes. Replace your income if you were to die unexpectedly.