While you can't predict the future, Santander Investment Services can help you plan for the future and help provide security to you and your family. Life insurance is an agreement between you (the owner) and an insurance company. Under the terms of a life insurance contract, the insurance company promises to pay a certain sum to someone (a beneficiary) when you die, in exchange for your premium payments.
The most common reason for buying life insurance is to replace the income lost when you die. For example, when you die, and your paychecks stop, the life insurance proceeds can be used to continue to support your family members. Such support is needed to pay bills, pay for college education, etc.
Another common use of life insurance proceeds is to pay off debts. For example, mortgages, car loans, and medical bills are often left unpaid when someone dies. These obligations must be paid from the assets left behind. This can exhaust the resources that your family needs. Life insurance can be used to pay off debts, leaving your other assets for your family to use.
Find out more about why you may have a need for life insurance.
To learn more about permanent or term life insurance please contact a Santander Financial Consultant at your nearest branch.