How Life Insurance Works
“You don’t buy life insurance because you’re going to die — you buy it because those you love are going to live.”
At its core, life insurance is a contract between you and an insurance company. You pay regular premiums, and in return, the insurer guarantees a financial benefit to your chosen beneficiaries after your passing.
Here’s how it all ties together:
- Premiums: The cost you pay monthly or annually, based on your age, health, and policy type.
- Death Benefit: The lump sum your loved ones receive, often tax-free.
- Cash Value (for permanent policies): A savings component that grows over time and can be borrowed against.
- Policy Term: How long the coverage lasts — temporary (Term Life) or lifelong (Whole/Universal Life).
Understanding these moving parts helps you pick the right plan that fits your goals — protection, investment, or both.
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