Life Insurance
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Life Insurance Information
Life insurance is a financial tool that offers protection, security and peace of mind to individuals and their loved ones. Life insurance comes in various forms, each tailored to meet specific needs and objectives, making it a versatile and essential component of financial planning for individuals and families alike.
What Is Life Insurance?
Life insurance is a financial contract in which an individual pays regular premiums to an insurance company in exchange for a lump-sum payment, known as the death benefit, to be given to the policy’s beneficiaries upon the insured person’s death.
What Does Life Insurance Cover?
Life insurance is an important protection to have in place to help support loved ones. Upon the insured’s death, their insurer may provide the policy’s beneficiaries with a death benefit. A death benefit may help pay for the following expenses:
- Income replacement for dependents
- Funeral and burial costs
- Debts
- Medical expenses
- Federal and state death taxes
- Charitable contributions
- Daily expenses
Types of Life Insurance
The following are the two most common types of life insurance policies:
- Term life insurance can provide coverage for a specified term, typically 10, 20 or 30 years. If the insured person dies during the term, the policy pays out a death benefit to the beneficiaries. It’s often more affordable than other types of life insurance but does not accumulate cash value.
- Permanent life insurance offers coverage for the entire insured individual’s life. It also includes a cash value component that grows over time. Premiums tend to be higher than term life insurance yet remain constant throughout the policyholder’s lifetime.
Who Needs Life Insurance?
Life insurance is recommended for most people since it can help with expenses you leave with loved ones when you die. Consider the following scenarios:
- Your debts may be inherited.
- Your spouse, partner, children or other relatives depend on your income.
- Your funeral expenses would be a financial burden.
- You own a business.
Contact Insurance Plus to find a life insurance policy that’s right for you.
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