Life insurance is a contract where you, the policyholder, pay regular premiums to an insurance company, which promises to pay a death benefit to your named beneficiaries after your death. This money helps your family cover lost income, pay for expenses like burial costs, a mortgage, etc. while also helps manage other financial obligations, ensuring they are provided for even after you're gone.
Designed to protect & replace your income if something unexpected occurs. These polices are designed to cover you for a specific amount of time & typically have lower cost. ***THIS POLICY TYPE CAN ALSO INCLUDE LIVING BENEFIT COVERAGES***
Sometimes called "Permanent Insurance," these policies are designed to typically cover you your entire life and provide a beneficiary (spouse, children, grandchildren, etc.) a death benefit while also building cash value that can grow over time. These polices are highly customizable depending on your needs. ***THIS POLICY TYPE CAN ALSO INCLUDE LIVING BENEFIT COVERAGES***
Another type of "Permanent Insurance," these policies are also designed to typically cover you your entire life and provide a beneficiary (spouse, children, grandchildren, etc.) a death benefit while also building cash value that can grow over time. These polices are typically not as customizable and have a more conservative cash value growth. ***THIS POLICY TYPE CAN ALSO INCLUDE LIVING BENEFIT COVERAGES***
Living benefits in life insurance are features, usually added via riders, that allow you to access some of your policy's death benefit while you're still alive, typically in situations like a terminal, chronic, or critical illness. These benefits provide funds to cover medical expenses, long-term care, or to supplement income if you become disabled or unable to perform daily living activities, making the policy more valuable during your lifetime. ***THIS POLICY TYPE CAN ALSO INCLUDE LIVING BENEFIT COVERAGES***