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Types of Life Insurance Plans

There are two basic kinds of life insurance policies, whole life and term insurance. These are the common life insurance plans you typically hear about that cover expenses in the event of your demise. Additionally there are two other types of life insurance, guaranteed and final expense. Whole Life Insurance Permanent life insurance is also known as whole life insurance. These life policies unlike term do not expire. They can also combine a death benefit as well as a savings component. Though it makes sense that one would choose this type of life insurance policy they tend to be one of the highest premiums among the various options. Within this…

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Types of Life Insurance Plans
What is life insurance?

What is life insurance?

Life insurance explained (in words you can actually understand). Life insurance is a promise to your loved ones that they will be taken care of in the event of your death. The fine print reads like this. Life insurance is a contract between you and an insurance company. The insurer agrees to a pay a designated beneficiary (the loved one(s) of your choosing) a sum of money (the “death benefit”) if you die. Your obligation is to pay the agreed upon premiums to keep your policy in good standing. Most of us live our lives as though we will never die. We also never plan to cause a car accident,…

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The Power of Life Insurance When Life Happens

Although life insurance isn’t mandatory like car or homeowners insurance, it can be a powerful component to your “peace of mind” as it prepares and ultimately protects against life’s unknown (the unthinkable) and helps your family reach their financial goals and aspirations. According to the 2016 Life Insurance Barometer Study, 86 percent of Americans agree that people need or could high benefit from life insurance. The study also reveals that the majority of Americans would have trouble being able to afford common, every day living expenses if the primary wage-earner died. Listed below are a few important tips that can advise you make the right choice when selecting your life…

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The Power of Life Insurance When Life Happens