Life insurance is a type of insurance that pays out a sum of money to a designated beneficiary upon the death of the insured person. It is designed to provide financial protection for the policyholder's loved ones in the event of their death.
There are two main types of life insurance: term life insurance and permanent life insurance.
Term life insurance provides coverage for a specific period of time, typically 10, 20, or 30 years. If the policyholder dies within this time frame, the beneficiary will receive the payout. If the policyholder does not die within the term, the policy will expire and the beneficiary will not receive a payout.
Permanent life insurance, also known as whole life insurance, provides coverage for the entire lifespan of the policyholder. In addition to providing a death benefit, permanent life insurance also has a savings component that allows the policyholder to build cash value over time. Some types of permanent life insurance include universal life insurance, variable life insurance, and variable universal life insurance.
Life insurance can be an important part of a financial plan, as it can provide financial security and peace of mind for the policyholder and their loved ones. It is important to carefully consider your needs and the options available when choosing a life insurance policy.
What is key person insurance? Key person insurance is life insurance on a vital person in your business. This could be the owners, the founders or even a key employee. It is important to recognize the difference between key person insurance and a personal life insurance policy. While a personal life insurance policy pays out to your beneficiaries, such as your spouse or family, a key person insurance policy pays out to the company.
Universal life insurance is a type of permanent life insurance that provides coverage for the entirety of the policyholder's life. It is called "universal" because it offers flexibility in terms of the premium payments and the death benefit, as well as the ability to accumulate cash value.
Whole life insurance is a type of permanent life insurance that provides coverage for the entirety of the policyholder's life. It is called "whole" life insurance because it covers the policyholder for their entire life, as opposed to term life insurance, which provides coverage for a specific period.
Life Insurance can provide your family members with financial protection and help pay for expenses such as funeral costs, medical bills and estate taxes in the event of your death and can help protect your family’s lifestyle Read More
Life insurance is a financial product that provides financial protection to the policyholder's loved ones in the event of the policyholder's death. There are several situations in which a person may want to consider purchasing life insurance:
Life insurance is a financial product that provides financial protection to the policyholder's loved ones in the event of the policyholder's death. The policy pays a benefit, called a death benefit, to the designated beneficiary in the event of the policyholder's death.