Life Insurance is one of the best and most common ways to protect your family or business in the event of a death. Life insurance is a contract between an insurance policyholder and an insurance company to pay a specific amount to one or more beneficiaries if the insured individual passes away. This life insurance payout, or “proceeds,” is intended to provide financial stability to those left behind and is typically used to pay outstanding debts of the policyholder, as well as medical and funeral costs. Policyholders pay a monthly premium to ensure coverage over a specific amount of time. The insurance premium is dependent on several factors, including age, gender, occupation, hobbies, medical history, and where you live and travel to frequently.
Even though this explanation makes it seem simple, consumers often get confused with the sea of options that are presented once they begin shopping for life insurance. This discussion will focus on helping you address important questions which should be taken into consideration when deciding which life insurance policy is right for you and your family. Read More