September is Life Insurance Awareness Month, and understanding the importance of life insurance is crucial for you and your family’s long-term financial security.
Life insurance is a contract between a policy owner and an insurance company. The insurer guarantees to pay a sum of money to designated beneficiaries upon the death of the insured in exchange for premium payments made during the policy holder’s lifetime. This powerful financial tool provides protection and peace of mind for you and your loved ones.
What can be covered with life insurance?
- Funeral or cremation cost
- Medical bills that are not covered by health insurance
- Estate settlement cost
- Paying off debt
- Replacing income
Insurance brings a sense of security that removes the financial burden off your family and friends knowing that in your absence any debt left behind can be managed. So, when searching for the right policy for your specific circumstances, it’s important to assess your financial situation, evaluate your family’s needs and consult with a qualified professional or financial advisor.
LifeBridge
MassMutual’s LifeBridge Program is a free life insurance program that helps children of income-eligible families pay for their education expenses if their insured parent or guardian passes away during the term of the policy. They are one of many providers to research when seeking life insurance coverage for your family To learn more about the program, click here.
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