How Is Life Insurance?

Life insurance is a contract with an insurance company. In exchange for the premiums the insurance company to pay a lump sum of money as a death benefit to your beneficiaries in the event of the loss of your life.

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Your beneficiaries can use the money for whatever they choose. It is typically used to pay for daily expenses, to pay off a mortgage or even to help provide a student with a loan to attend university. The safety protection of life insurance will allow your family to remain at home and pay for all the things you’d considered.

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The two types of life insurance, either one that is permanent and the other term. Permanent life insurance such as Whole Life Insurance also known as universal insurance can provide protection for the whole life of the policy. Alternatively, term insurance is able to provide protection for a specified time.

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