MANAGEMENT

Detailed explanation-1: -Life insurance covers most causes of death, including natural and accidental causes, suicide, and homicide. However, some caveats may prevent your beneficiaries from receiving their payout.

Detailed explanation-2: -Why is life insurance important? Buying life insurance protects your spouse and children from the potentially devastating financial losses that could result if something happened to you. It provides financial security, helps to pay off debts, helps to pay living expenses, and helps to pay any medical or final expenses.

Detailed explanation-3: -Typically, people list their spouse or partner as the primary beneficiary and their child as the contingent beneficiary. However, your beneficiary can be anyone whom you intend the life insurance proceeds to be paid to – that can be parents, friends, siblings, a favorite charity, a living or revocable trust and more.