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Life Insurance

What Is It?

Though it is difficult to think about one’s own demise, insurance that provides financial stability for your family in the event of your death is something that deserves consideration from everyone. Life insurance is an agreement that, in exchange for a premium paid by the insured, an insurer will pay a designated beneficiary a specific amount of money upon the death of the insured. Certain insurance policies will also payout in the event of a terminal illness.

 

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How Does It Work?

Life insurance provides financial security for those who depend on you after you pass away. Final expenses, such as funeral costs, may also be paid using the proceeds of these insurance policies.
If you financially support anyone, it is absolutely vital to have coverage. If you have a family that depends on your paycheck to cover their necessary expenses, you will need an insurance policy that will adequately cover these expenses. In addition to covering necessary expenses such as mortgage payments, automobile loans, and utilities, you should also consider the coverage needed to allow your family to continue living their lives comfortably. You should also consider any other outstanding debts such as credit card debt, unsecured loans and medical bills you may leave behind.

Different Types of Coverages

There are three different types of insurance: term, whole, and universal.

Term insurance, also known as “pure” insurance, pays the death benefit if the named person dies in a defined time period. If the insured person does not die during the term, the premiums will not be returned. These policies typically have relatively low premiums since they only insure against loss of life. The majority of these policies can be renewed.
While insurance does not have an end date and provides protection for the entire life of the insured person. Whole insurance builds up a cash value that can be withdrawn over the insured individual’s life.

Universal insurance has a cash value based on short-term interest rates rather than a defined long-term rate with whole insurance policies. These rates can fluctuate, but cannot fall below a guaranteed interest rate.

Insurance provides those who depend on you with security in the event of your death. With proper coverage, your family will not have to face negative financial consequences while mourning their loss. The benefits of these insurance policies are generally exempt from income and estate taxes to the beneficiary.

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