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Life Insurance Guide

What Is Life Insurance?

Life insurance is a contract between the insurer and the policyholder. The life insurance policy guarantees that the insured will pay a lump sum to the named beneficiaries at the time of death of the policyholder, in return for the premiums paid by the policyholder during their lifetime.

Who Should Buy Life Insurance?

Life insurance provides financial assistance to survivors or other beneficiaries after the death of the insurer. Here are some examples of people who may need life insurance:
  • Parents with minor children
  • Parents with special-needs adult children
  • Adults who own property together
  • Elderly parents want to leave money to adult children who provide their care.
  • Young adults who want to lock in low rates
  • Businesses with key employees
  • Married pensioners

How much does life insurance cost?

The cost of life insurance depends on many factors such as your age, overall health, and existing medical conditions. The price also depends on the type of policy you choose. Here are some things to know about the cost of life insurance:
  • Whole life insurance will be more expensive than term life insurance.
  • The younger you are, the more inexpensive your life insurance will be.
  • The better your overall health is, the more inexpensive your life insurance will be.
  • The fewer medical conditions you have, the more inexpensive your life insurance will be.

How do I buy life insurance?

First, we recommend getting comparable life insurance quotes from many insurance providers. If you notice a large difference in quote premiums, double-check that each insurance provider quotes the same policy and level of coverage. After you have reviewed quotes and selected which company you want.