A Beginner’s Guide To Life Insurance

Life is a series of risk management, said a wise oncologist recently. Death happens and we can’t control our retirement from life.

To better manage our risks in life and provide some protection against loss, we need insurance–auto, health insurance, disability and life insurance.

What is life insurance? A life insurance policy is a contract with a life insurance. The contract is typically bought by the primary wage earner in a household.

Term life insurance provides financial protection for a specific time period, usually 10-30 years. The longer the time frame, the higher your premium costs will be.

Whole life insurance, the more popular of the cash value policies, is designed as lifetime coverage. The premiums are paid with fixed amounts and are typically more expensive than term life.

Universal life insurance provides both a death benefit and building cash value with greater growth potential based on a rate of return paid by the insurance company.

Millennials tend to research life insurance products online more than other generations but would consider buying from an insurance professional.

I prefer term life insurance with an adequate amount of coverage to cover all of your debts and college planning and for enough years in the plan to support your family.

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