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Keeping in mind that insurance is intended as protection against a contingency, life insurance is purchased as protection against the contingency of death. Although death will occur to everyone at some point in time, the question of "when" is unknown and therefore, insurance may be purchased to guard against that contingency. Most frequently, it is purchased to provide a source of funds to support the survivors of the deceased who may have relied upon him/her while living. Alternatively someone or something else with an "insurable interest" in the life of the insured may be designated as the beneficiary or purchase the insurance on the insured. An example of this may be a business partner so that the business can be ongoing despite the demise of the insured.

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Q: Why do people purchase life insurance?
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Related questions

Where can one purchase life assurance?

One can purchase life insurance from a number of different companies. One can purchase life insurance from companies such as Aflac, Liberty Mutual, and American Family Life Insurance.


Where could a Canadian purchase life insurance?

Life insurance is an important protection to have. Canadians can purchase life insurance through a local independent broker, or online at LSM Insurance.


Where can I purchase guaranteed insurability life insurance?

you can purchase guaranteed insurability life insurance . you can check on this www.MutualofOmahaLife.com or www.AccuQuoteLife.com


How can one purchase Amp life insurance?

AMP offers life insurance to citizens of Australia, as well as loans and banking services. People who are interested in purchasing life insurance from AMP can do so over the phone.


Where can I purchase global life insurance at?

There are websites you can go to purchase global life insurance. There is www.globeontheweb.com/ www.onedollarglobeinsurance.com/ and www.buy-globe-life.com/


Where can one purchase whole life insurance?

Usually insurance companies, building societies and banks are the most popular places to purchase whole life insurance. In addition to insurance brokers.


What is the best place to buy Max Life Insurance in New York?

The best place to purchase an insurance plan from Max Life Insurance is from their direct website, or by calling their offices. Max Life offers many different insurance plans to cater to people's different insurance needs, and is a leader in the life insurance field.


Where could one purchase life insurance cheap in the US?

One can purchase cheap life insurance in the Unites States from CNA Financial. One can also purchase it from other companies like GMAC Insurance, Met Life, Allstate, American Family Insurance and many more.


Where could one purchase a life term insurance plan?

One can purchase life term insurance plans with any company that sells insurance. Companies such as London Life, Intact, Nationwide and Geiko all sell this type of insurance.


Where could someone purchase standard life insurance?

A local insurance agency would be one place where standard life insurance could be purchased. The website "Insure" can also be used to purchase this kind of insurance.


Are term life insurance companies profitable?

Term life insurance companies are very profitable. They make a profit since most people who purchase the insurance never need it, so they don't pay out nearly as much as they take in.


How can you buy life insurance for a parent?

You can purchase life insurance online for your parent. Anyone can purchase life insurance for their parent, because they have an "Insurable Interest" in their parent. You can compare free life insurance quotes online, or purchase life insurance direct online for a parent. However, your parent may need to sign an application form, and your parent may need to take a physical exam, and/or answer some health questions.