Life Insurance 101


Term Life Insurance

Term insurance is like leasing a car. You purchase death benefits for a specified period --usually 5, 10, 20 or 30 years. When the period is over, it's like turning in the leased car. The deal is done and you walk away. Term insurance pays a specific lump sum to your designated beneficiary if you should die during the term of the policy. The policy protects your family by providing money they can invest to replace your salary, pay off the mortgage, and to cover immediate expenses incurred by your death. Term life insurance is best for young, growing families, when financial needs are especially low.

Permanent Life Insurance

Permanent insurance, on the other hand, is like buying the car you plan to drive forever. As long as you pay the premiums, permanent insurance stays in force as long as you live. It provides protection for your dependents by paying a death benefit to your designated beneficiary upon your death. In addition, a portion of your premiums are deposited into a tax-deferred cash value account that you can use while you are alive. Whole Life, Universal Life and Variable-Universal Life are examples of permanent life insurance.


Basics of Life Insurance:

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