May God's blessings be always in your homes. Life insurance is a contract that pays money upon the death of the person insured. Because death is unavoidable, life insurance is the only form of coverage that protects against an inevitable event. The life insurance policy guarantees the future delivery of money to alleviate such circumstances. Money from a life insurance policy offsets the economic hardships created by the death of the person insured, up to the amount of insurance for which the person applied.
Beneficiaries are often the spouse or children of the insured, or another family member.
It's always a good idea to name a contingent beneficiary for a policy, in case the beneficiary dies before the insured. An insured person can also name a trust as beneficiary for estate-planning purposes. If you're fortunate to be blessed with longevity, it's unlikely that others will continue to depend on your income in your old age. When that happens, any cash-value life insurance you own can provide you with a cushion against financial hardship in the form of an annuity. Father McGivney started our fraternal society so our members could provide the financial support our survivors need to live.