What is life insurance?
Life insurance is a contract between you and a life insurance company. You agree to pay for the policy on a regular basis, and the insurer agrees to pay a sum of money to your beneficiaries if you die. Within those parameters are several types of life insurance.
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Common Types of Life Insurance
Most life insurance policies fall into one of two basic groups: term life and whole life (also called permanent life)
TERM LIFE
WHOLE LIFE
Provides protection for a specific, limited amount of time such as 10, 15, 20, 25, or 30 years; or to a maximum age, such as 80.
Typically provides no cash value but offers a lower premium.
Often provides protection for specific times of need, such as a mortgage or raising a family.
Designed to stay inforce for individual's entire life - normally to age 120.
Has a cash value that accumulates over the life of the policy.
Cash value can be accessed if needed for any reason, and can provide guaranteed income after retirement.
93%
of Americans think life insurance is necessary
63%
of adults have some type of life insurance
50%
of them do not have adequate coverage