Life Insurance

Life Insurance Policies

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Life insurance is coverage that most should seriously consider as an important part of financial planning and family responsibility. It can help you and/or loved ones through the most devastating of events and challenging of times.

What it does

Life insurance is primarily engineered to provide financial help to survivors in the event of a policyholder’s death. The payout can be used for such things as funeral costs, left-over debt and, for policyholders still living for proper estate planning and even, in some forms, for financial help and flexibility.

How it works

The policyholder generally pays a monthly premium and, in return, the insurance provider pays out a specified amount when the policy is triggered. The person to whom the money is awarded is known as “the beneficiary.” This individual can choose how the money is put to use. The benefits may also be designated towards a trust, which can then be paid out according to the agreed upon terms of the trust. The responsibilities of the insurance company are put forth in detail in the original contract.

Types of coverage

There are a few different types of policies available. Whole life is a popular type of comprehensive life insurance. Policyholders pay their premiums, which are determined from a battery of health questions and the amount of coverage desired. Assuming the policyholder pays his or her premiums on time, the policy remains intact and coverage is in effect. Another popular option is term insurance. Term, on the other hand, provides like coverage but for only a set period of time. For example, should you have a 15-year term insurance policy, you will be covered for 15 years. However, after that period is over, you must buy new coverage. Universal life offers the similar coverage as whole life. However, there is also the option of investing some of the premium. This potentially can increase the benefit amount more quickly should the investment strategy work out well.