Life insurance policies are agreements where the insurer pays a sum to the policyholder's beneficiaries upon their death, in exchange for regular premium payments. Many people buy life insurance to ensure their family's financial stability after their death. Although some perceive it as costly, starting early can make it affordable, and there are options to calculate costs in advance. It's important to assess whether life insurance or other options, like health insurance, are more suitable for individual needs. Term insurance can be a good choice for younger individuals who find permanent insurance expensive. Additionally, life insurance can offer tax benefits by reducing taxable income. Proper understanding and planning are essential to determine the utility and benefits of a life insurance policy.
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