Introduction
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Life insurance is a policy that people buy from a life insurance company, which
can be the basis of protection and financial stability after one's death. Its
function is to help beneficiaries financially after the owner of the policy dies.
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It can also be a form of savings in the long run if you purchase a plan, which offers
the option of contributing regularly. Additionally, a little known function of life
insurance is that it can be tied in with a person's pension plan. A person can
make contributions to a pension that is funded by a life insurance company. These
are considered private pension arrangements.
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In addition, you should also make a list of what you feel needs to be protected
in your family's way of life. With a life insurance policy in place, you can:
• provide security for your family.
• protect your home mortgage.
• take care of your estate planning needs.
• look at other retirement savings/income vehicles.
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