Understanding Life Insurance at Life

Understanding Life Insurance. There are two primary reasons for individuals to purchase life insurance: Here are some things to consider as you think about your needs.

Whole life is the most stable form of permanent life insurance, with the most guarantees. Although some people view life insurance as merely a “bet” on when you will die, it has far more important purposes. On your own or with a licensed agent.

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Life insurance is a contract between you and a life insurance company, which pays out a sum of money (called a death benefit) to designated beneficiaries upon your death, in exchange for regular premium payments. Cash value accumulation is guaranteed. Life insurance is an agreement contract between you as an insurance policy holder or the insured with the insurance company as the risk guarantor. There are numerous insurance companies out there and they all offer unique types of products with specific terms and costs associated with them.