Life Insurance
Life insurance is a contract where you pay an insurance company, and in return, it agrees to pay a lump sum of money (called a death benefit) to the person or people you choose (your beneficiaries) when you die.
Life insurance to help families cover expenses like funeral costs, debts, mortgage or rent, and everyday living costs if they’re no longer there to provide income.
Two main types
Term life is a type of life insurance that covers you for a specific period of time, such as 10, 20, or 30 years. If you die during that term, it pays a lump-sum death benefit to the beneficiaries you chose; if you outlive the term, the coverage usually ends and there is no payout.
Permanent life insurance (sometimes referred to as whole life) is life insurance that is designed to last your entire life, as long as you keep paying the required premiums. It pays a death benefit to your beneficiaries when you die and, unlike term insurance, it usually includes a cash value savings component that can grow over time and may be available for you to borrow or withdraw from while you’re alive.
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