What is Life Insurance?
With work, baseball games, family dinners, and hobbies consuming most of our time throughout the day, the last thing on anyone’s mind is life insurance. Most people don’t carry any type of life insurance unless their employer provides it. Sadly, this means that if the unexpected does happen, many families are left in an unfortunate situation and struggle to barely scrape by.
A life insurance policy is well worth the small investment to ensure your loved ones are taken care of if the worst happens. Typically, the contracts will cost you a premium payment in exchange for a lump-sum payment, known as a death benefit, that will be disbursed to beneficiaries. The type of coverage that best fits the policy owner depends on the needs and goals of that individual. Term life insurance will provide protection for a set period, while whole and universal life insurance offers lifetime coverage.