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Life insurance 'covers many important expenses'
September 01, 2010
Life insurance can cover many different financial commitments, it has been advised.
A life insurance payout can provide a family with support to help them cope with a number of different financial commitments, it has been pointed out.
Steven Weisbart, senior vice president and chief economist of the Insurance Information Institute, stated that while most people realise how important life insurance can be to their families should they pass away unexpectedly, not everyone is fully aware of all the bills that can be covered.
"For example, the death of a working parent may not only terminate an income source but also a family's source of health insurance, tuition assistance and other financial benefits," said the expert.
Last month, an article in the BC Local News pointed out that the death of one of a family's breadwinners can result in them losing half of their income.
It explained that taking out life insurance can help to replace the gap in a family's finances that is likely to appear when a mother or father passes away unexpectedly.
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