Is it as simple as person x gives money to some company to be spent a certain way after person x dies? How is that any different from a will? etc..
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Life insurance is for people who have other people dependent on them like a spouse and children. You name your beneficiaries and buy a plan where you pay regularly to the life insurance company and in the event of your death, the beneficiaries will receive money to take care of themselves. It’s different from a will because a will is a plan to give things you already own to other people whereas life insurance is to insure that your dependents get additional money from the insurer.
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