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WebOct 24, 2024 · Definition of life insurance. Life insurance covers the life of a person. If he or she dies while the policy is active, the insurer pays out a claim to the named beneficiaries. You can choose any ... WebMar 20, 2024 · Life insurance can serve a wide variety of financial needs beyond death benefits. However, the death benefit remains the most common reason people purchase these policies. Among consumers, 83% use it to cover final expenses like burials. Around two-thirds apply it to the transfer of wealth to their heirs. imoney download
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