What Is Life Insurance?

Life insurance is a financial product that protects your loved ones.

It is an agreement between you and the life insurance company. You agree to pay a predetermined premium rate. The life insurance company agrees to pay a sum of money to your beneficiary if you die—as long as you were still paying your premiums at the time of your death.

It is one of the easiest ways to provide for the financial well-being of your family.

Types of Life Insurance

There are many different types of life insurance. The most simple and inexpensive form of life insurance is term life insurance. Also known as term insurance or level premium insurance, term life insurance covers you for a specific term. During that period of time, your premiums do not change.

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Other Purposes of Life Insurance

Life insurance can be used to protect your business through a key man insurance policy or a buy-sell agreement. You can also use life insurance to leave behind a charitable gift. In estate planning, life insurance can also be used to decrease or eliminate the death tax.

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How much life insurance do you need? Click here to use our life insurance calculator.