What happens if I take out life insurance and unexpectedly die the next day?

Photo by Scott Graham on Unsplash

I am a firm believer in life insurance. I know may people have been burned and think its a scam, but it can be a very valuable tool in your financial portfolio.

First of all, insurance is a contract that pays out in the event of loss. Life insurance is an agreement whereby an amount is paid to named beneficiaries in the event of…