What is Life Insurance?
Life insurance is a financial product designed to provide a lump-sum payment, known as a death benefit, to a designated beneficiary upon the insured person’s death. This payment can help cover funeral expenses, pay off debts, support family members, or act as an inheritance.
There are two main types of life insurance:
Term Life Insurance
- Provides coverage for a specific period, such as 10, 20, or 30 years.
- If the insured person dies within the term, the beneficiary receives the death benefit.
- Typically, it’s more affordable than permanent life insurance.
Permanent Life Insurance
- Covers the insured person for their entire life, as long as premiums are paid.
- This type includes Whole Life and Universal Life Insurance, which can also build cash value over time.
- Premiums tend to be higher than term insurance.
Life insurance policies can be customized with add-ons called “riders,” such as critical illness or disability coverage, which provide additional protection.
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