Life Insurance
No one really wants to think about life insurance. But if someone depends on you financially, it’s a topic you can’t avoid. Getting life insurance doesn’t have to be hard (or boring). We have some answers to common questions about life insurance so that you can make informed decisions about protecting your loved ones financially.
Life Insurance 101
What is Life Insurance?
Life insurance is a contract between an insurer and a policyholder. A life insurance policy guarantees the insurer pays a sum of money to named beneficiaries when the insured policyholder passes away.
Types of Life Insurance
- Term Life Insurance: Covers you for a set period of time.
- Whole Life Insurance: Provides lifetime coverage and includes a savings component.
- Universal Life Insurance: Offers flexible premiums and a cash value component.
Why Do You Need Life Insurance?
Life insurance provides financial protection to your family, helping cover expenses like mortgage payments, children's education, and daily living costs.