You want to ensure your loved ones will be protected financially if something happens to you, and that's what all types of life insurance offer. Life insurance at its most basic is a type of insurance that pays out a death benefit to beneficiaries on the death of the insured individual. In exchange for this death benefit, you pay premiums.Life insurance can help your loved ones with the financial burdens they will face when you are gone. It can be used for any purpose by beneficiaries, but it's most commonly used to pay off a mortgage, pay down debt, cover educational plans for kids and grandkids, cover funeral expenses, and replace lost income.
The costs associated with life insurance depend on many factors, including your age, health, medical conditions, gender, and type of policy. With term coverage, you may be barred from taking out a new policy or getting a term that goes past the age of 65. This is why many seniors opt for whole life coverage instead, which also offers a savings component.There are two main types of life insurance: term and whole. Both options provide a death benefit to beneficiaries, but there are many important differences to understand. Here's what you should know about the differences between term and whole coverage.
The costs associated with life insurance depend on many factors, including your age, health, medical conditions, gender, and type of policy. With term coverage, you may be barred from taking out a new policy or getting a term that goes past the age of 65. This is why many seniors opt for whole life coverage instead, which also offers a savings component.There are two main types of life insurance: term and whole. Both options provide a death benefit to beneficiaries, but there are many important differences to understand. Here's what you should know about the differences between term and whole coverage.