insurance that pays out a sum of money either on the death of the insured person or after a set period."he has taken out life insurance"
designed to provide a benefit, typically a lump sum payment, in the event of a specified occurrence. A common form—more common in years past—of a protection policy design is term insurance.
the main objective of these policies is to facilitate the growth of capital by regular or single premiums. Common forms (in the U.S.) are whole life, universal life, and variable life policies.
1. Life insurance provides an infusion of cash for dealing with the adverse financial consequences of the insured’s death.
2. Death benefits are generally income-tax-free to the beneficiary.
3. Policy loans are income tax free.
4. A life insurance policy may be exchanged for another life insurance policy (or for an annuity) without incurring current taxation
5. Tax benefits
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