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Dr. Sanjay Tolani - Financial Advisor & Coach - Life insurance is actually a product that basically protects a family which has lost either a breadwinner or a loved one. And the purpose of buying life insurance is quite simple. It’s about protecting income in case a person passes away. So let’s say for example. Let’s look at a family - A husband, wife, two children where the husband is a breadwinner. If the husband passes away, the wife and the children need to still continue living their life. Now there are two things that will happen: ✅ Number one, they’ve lost a loved one. ✅ Number two, they’ve lost the income that that person was generating for the family. Emotional Loss is very difficult to replace but it’s something that’ll take time to heal. However, if you additionally have a Financial Loss, when someone passes away, it takes a LONGER time to recover from that. And the simplest way to handle that is to buy Life Insurance. When a person passes away, the family continues to get the income that that person would have otherwise generated for the family. So. Life insurance is a very simple product. It’s a contract between the insurance company and the person that if something happened to that person, the family would continue to get his or her income for the rest of their lives. The second purpose of buying life insurance is to CANCEL LIABILITIES. So let’s say you have a liability like a mortgage. Now when a person passes away, the asset will either be taken over by the bank or the insurance company could cancel that mortgage payment. So the insurance company would pay off the liability and cancel it. So all liabilities can be protected by using life insurance in the event that someone passes away. There are many different types of life insurance. There are TWO primary types of life insurance: WHOLE LIFE and TERM. But Life Insurance can be quite a complicated subject if you don’t spend time to understand it. So spend some time, sit down with your financial advisor to learn more about it. Cheers
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