What is life insurance?

Life insurance is a very common asset that figures into many people's long-term financial planning.  Purchasing a life insurance policy is a way to protect your loved ones, providing them with the financial support they may need after you die. For example, you may purchase life insurance to help your spouse cover mortgage payments or everyday bills or fund your children's college education.


Life Insurance Basics

Life insurance is a type of insurance contract. If you pass away, the life insurance company can pay out a death benefit to the person or persons you named as beneficiaries to the policy.

Some life insurance policies can offer both death and living benefits. A living benefit rider allows you to tap into your policy's death benefit while you're still alive. This type of rider can be beneficial in situations where you're terminally ill and need funds to pay for medical care.

When purchasing life insurance, it's important to consider:

  • How much coverage you need
  • Whether a term life or permanent life policy makes more sense
  • What you'll pay for premiums
  • Which riders, if any, you'd like to include


How Much does it Cost?

Life insurance premium costs can depend on the type of policy, the amount of the death benefit, the riders you include, and your overall health. It's not uncommon to have to complete a paramedical exam as part of the underwriting process.


Give us a call today to schedule your consultation. (810) 202-6030