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Manulife Life Insurance
Life Insurance is a type of insurance that is highly recommended by insurance companies.
In general, life insurance provides financial aids to the beneficiaries when their loved ones, the policyholder, dies.
And in this article, we will give you insights about the benefits of life insurance and how it works.
Manulife Life Insurance – Its Benefits
1. It will give your family (the beneficiaries) a financial suppport.
When you pass away, of course, your family will look for a certain amount of money to cover your burial and funeral costs.
However, with life insurance, the bebeficiaries (usually your family), will receive a lump sum payment, also known as death benefits.
This amount of money can be used by your family to cover the costs.
2. This will serve to your family as “income replacement.”
If you are the “breadwinner or the provider” in your family, surely, they will start from the scratch to find work or job to suffice their daily needs.
Thus, if you are insured, they can use that lump sum or “death benefits” to start a business that will serve as their income replacement.
3. This can be used as “debt repayment.”
if you have loans, or under mortgage agreement, your family can use the lump sum to pay off any outstanding debts.
Thus, it helps them to lessen the financial burden
4. Can be used in estate planning
If you have property, your family can use the money to cover the expenses like paying estate taxes and other expenses like processing fees when transferring your property’s name to your heirs ensuring for a smooth transaction.