WHAT IS LIFE INSURANCE
Life insurance is a contract between you and an insurance company. In exchange for your premium payments, the insurance company will pay a lump sum known as a death benefit to your beneficiaries after your death.
Your beneficiaries can use the money for whatever purpose they choose. Often this includes paying everyday bills, paying a mortgage, or putting a child through college. Having the safety net of life insurance can ensure that your family can stay in their home and pay for your planned things.
There are two primary types of life insurance: term and permanent life. Permanent life insurance, such as whole or universal life insurance, can provide lifetime coverage. In contrast, term life insurance lasts for a set timeframe (usually 10 to 30 years), making it a more affordable option, while permanent life insurance lasts your entire lifetime.