Life Insurance is the only product a person can buy that creates an estate when there is no estate otherwise.
By installing Life Insurance, a person may provide for his/her children or spouse. It can also be used in business to buy out a partner’s spouse out of the business and provide money to hire someone to replace the one who passed away.
At the same time, life insurance may protect an estate, providing the means to provide money to pay taxes and other expenses incurred at the time of passing.
In this way it is a unique product, unlike anything else we can ever make the decision to purchase.
But what is life insurance? It is many different products. And one size definitely does not fit all.