Life insurance provides financial protection for your surviving relatives, for instance to help them afford staying in the home or avoid selling the car. You decide who should have the money, and in most cases your survivors decide themselves whether the money should be paid as a lump sum or as regular benefits.
The advantages of life insurance are that
- You can protect your survivors financially.
- Your survivors will be paid a large amount of money, either as a lump sum or as regular benefits.
- Your family may spend the money on whatever they need.
- You alone decide who will benefit from your estate.