2006-09-12 10:18:52 · 4 answers · asked by Anonymous in Society & Culture ➔ Other - Society & Culture
Life insurance protects your family from going broke when you die and there's no more money coming in - that is, if you're the breadwinner. If you're not, then it pays for your funeral and debts. A million dollars seems a bit much, unless you're in way over your head.
2006-09-12 10:23:47 · answer #1 · answered by Bad Kitty! 7 · 0⤊ 0⤋
If you die suddenly, the beneficiary gets the one million dollars, tax free. If your wife is the beneficiary, she can invest the money or buy an annuity to live off the income and support the family off of the income from the investment.
2006-09-12 17:22:52 · answer #2 · answered by regerugged 7 · 0⤊ 0⤋
It is to replace your income when you are gone
2006-09-12 17:21:51 · answer #3 · answered by lobo 4 · 0⤊ 0⤋
If you die they won't be out of pocket for your golden casket.
2006-09-12 17:21:26 · answer #4 · answered by Scooter 4 · 0⤊ 0⤋