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Simply put, life insurance is a way for you to provide financially for your loved ones after you suffered a severe life impacting event such as death. It’s a contract in which the insurer promises to pay to your beneficiaries the insured benefit should an insured event happen to you. Whether or not you are eligible for life insurance will depend on factors such as your health and type of employment. If you do qualify, the amount of your premiums—that is, payments for the policy— are based on factors such as your age, gender, health and occupation.
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