Life insurance is a contract between the policy holder and the insurer, where the insurer promises to pay a designated beneficiary a sum of money (a “premium”) upon the death of the insured person. Depending on the contract, other events such as terminal illness or critical illness may also trigger payment. In return, the policy holder agrees to pay a stipulated amount (at regular intervals or in lump sums). In some countries, death expenses such as funerals are included in the premium; however, in the United States the predominant form simply specifies a lump sum to be paid on the insured’s demise.
The value for the policy owner is the ‘peace of mind’ in knowing that the death of the insured person will not result in financial hardship.
Types of life insurance policies: Term Life, Whole Life, Universal Life, Variable Life, Suvivorship, Funeral Expense and Key Man.
Life Insurance Analysis
Not sure about how much life insurance you need, we can help. We have agents that have went thorough specialized training called Life Underwriting Training Council (LUTC). What does this mean for you? Your can get a personalized assessment of your life insurance needs from agents who have the knowledge and ability to help.