Life Insurance


General Information about Life Insurance

Life insurance is one way you can provide for your family in the event of your death. They will receive a benefit that they can use to pay for medical bills, funeral costs, and other expenses.
This policy provides money to your family or any beneficiary that you chose. You also choose the amount of the benefit your beneficiaries will receive upon your death.

The amount of the policy will affect the amount of your premiums. You want to get a good amount, but you also want a premium that you can pay. Otherwise, you might fall behind in payments and have the policy lapse. If that happens and you die, then your beneficiaries receive nothing.

Types of Policies

Term Life is a policy that is paid for a certain term. If you outlive the term, then you must purchase a new one. But if you reach a certain age, then you may not be allowed to renew the policy. The term could be anywhere from 5, 10, 15, 20 or 30 years.

Whole life is a policy that lasts as long as you pay the premiums. It is more costly than term life but it does not expire. It also has cash value from which you can borrow. You can purchase this policy and borrow from it when needed. The money can be paid back to cash value or added to the premiums subtracted from future cash values. However your premiums may fluctuate with this policy. Universal life is similar to whole life but is more flexibility.

If you want to provide for your family even after you are gone, life insurance is the way to accomplish that.