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7 Answers
- ?Lv 54 years ago
It is insurance that people buy for themselves so they can leave money to their kids when they die. Life insurance is better than leaving kids an inheritance because life insurance cannot be taxed. But inheritances are taxed by the IRS.
For example if your parents have a $100,000 life insurance policy you will receive $100,000 when they die. Life insurance is just a smarter way for people to save money to leave behind to their relatives tax-free.
- ไม่เป็นไรLv 74 years ago
insurance that pays out a sum of money either on the death of the insured person or after a set period.
- 4 years ago
Insurance that can help your family or executors when you die.
It can pay for your funeral expenses, settle any debts or mortgages you have and give your dependants a pay out.
It all depends on the provider and the policy you have.
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- Anonymous4 years ago
A clever scheme that you pay into for 50yrs and they give it back to you when you die?
