Life insurance, when you pass away, is going to pay what’s called a death benefit to the beneficiaries that are indicated.
Typically this death benefit is free of tax.
Now some people do use life insurance as a way to leverage their wealth. You know, one dollar in life insurance premium payments can generate a lot more death benefit.
Life insurance is a contract with an insurance company that is underwritten. Before you decide to purchase life insurance, examine it and make sure it’s in your best interest.