Life insurance is a contract between an individual and an insurance company. In exchange for regular premium payments, the insurer pays a lump sum of money, known as a death benefit, to designated beneficiaries upon the insured's death. Its primary purpose is to provide financial protection and security to your loved ones in your absence. There are two main types:
Protect what matters most:Life insurance for lasting peace of mind.
Life Insurance
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Term Life Insurance: Provides coverage for a specific period (e.g., 10, 20, or 30 years). It's generally more affordable and ideal for covering financial obligations during specific life stages, such as paying off a mortgage or providing for children's education. If the insured passes away within the term, the death benefit is paid. If they outlive the term, the policy expires.
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Permanent Life Insurance (e.g., Whole Life, Universal Life): Provides coverage for your entire life, as long as premiums are paid. These policies also build cash value over time, which can be borrowed against, withdrawn, or used to pay premiums. Permanent life insurance offers lifelong protection and can serve as a financial asset.
*Life insurance can help beneficiaries cover various expenses, including income replacement, debt repayment, education costs, funeral expenses, and estate taxes.
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