Life insurance is a contract between a policy holder and insurer. The insurer promises to pay a named beneficiary a defined sum of money upon the death of the insured individual.

The risk of losing an insured individual’s life is transferred to an insurer through the purchase of the insurance contract. This is commonly called a policy.

There are various different types of life insurance. There is not one best “type.” For example, whole life insurance is not better than term life insurance or vice versa. These products are designed for completely different purposes. You should talk to a licensed independent agent or broker to help establish which policy type will be best for your goals.

Term life insurance is temporary coverage. Whole and universal life insurance are permanent coverage.

There are various subtypes of these coverages but their use and scope are beyond the general information of this page. Consult with us further for guidance on how to select the appropriate type or subtype. Apples are not apples with these policies.

Depending on the policy contract, some may include additional living benefits that can be paid out to the policy owner for life events experienced by the insured such as a terminal illness, critical illness or other disabling circumstances.

The main goal of this insurance is to provide financial security and peace of mind to the owner and named beneficiary.

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