Life Insurance

Life Insurance Policies

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What is life insurance?

It is coverage that pays a benefit when someone passes. The beneficiary must have a fiduciary interest in the covered person. In other words, they must be someone financially impacted in the case of your death, such as your spouse or dependent children. In limited cases, a business will take out a policy on key personnel whose death could potentially cripple the business.

Who is it for?

Anyone can purchase life insurance. However, most people who do so are trying to provide for their loved ones in the event of their own demise. Other major reasons for buying it include a desire to cover funeral costs and other end of life expenses, paying off the mortgage or making sure a dependent can attend college after you are gone.

How does it work?

You pay premiums every month for the life of the policy. If you die while covered under circumstances that the policy covers, your beneficiary gets a check for the amount of coverage.

Types of coverage:

There are two main types of coverage: Term and Whole Life. Term is coverage for a set period of time, such as 10 years. Whole Life is for your entire life. Generally speaking, Term coverage is substantially less expensive than Whole Life coverage. The reason for this is that Term coverage is easier to manage as a risk product. In other words, insurance is basically taking a bet and the odds that they "win" financially are better if you are only covered for a few years.

Major Benefits:

The primary benefit is a death benefit. This is a relatively large sum paid out to your designated beneficiary in the event of your death.  For people who have spouses or families who depend on them financially, life coverage is the best way to protect them.


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