Life Insurance

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What is Life Insurance?

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A contract between an individual and an insurance company where the insurer provides a death benefit to the beneficiaries upon the insured's death in exchange for premium payments.

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What happens to the chances of death as a person ages from 12 to 60?

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The chances of death during each year increases.

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Can you take out cash on a Permanent Life Policy?

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True, you can take out cash on a Permanent Life Policy.

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What factors determine the cost of a life insurance policy?

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Factors include term length, death benefit amount, health conditions, fitness, age, and gender.

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What does it mean to add riders to a life insurance policy?

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It means considering additional optional features that can be added to the policy.

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What is Whole Life Insurance?

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A type of permanent life insurance that provides a death benefit and accumulates cash value.

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What is Term Life Insurance?

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A type of life insurance that provides coverage for a specific period and does not accumulate cash value.

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What is Survivorship Life Insurance?

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A type of life insurance that pays out a death benefit after the second insured person dies.

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What is Burial Insurance?

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A type of life insurance specifically designed to cover funeral expenses.

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What is a death benefit?

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The amount paid to beneficiaries upon the death of the insured.