Summerlin Benefits Consulting Q&AAnswer
Jan 03, 2025 - 09:48 AM
In the past, the primary purpose of life insurance was to provide financial protection for your loved ones after your death. It was designed to ensure that your family or beneficiaries would have the necessary income to cover expenses such as funeral costs, outstanding debts, and daily living expenses in the absence of the income you provided. Life insurance acted as a safety net, helping to maintain the financial stability of the family in the event of the policyholder’s untimely death. The focus was mainly on providing a death benefit to replace lost income and cover financial obligations, without additional living benefits or options.
