Family Life Insurance Plans
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Life insurance is an agreement where you pay insurance premiums over-time and in exchange the insurance company will pay the insurance policy amount upon death to your life insurance beneficiary. The insurance proceeds can help pay the insured persons bills and help on supporting family members expenses.
There are 2 main types of life insurance policies; Whole Life policies are permanent. As long as you pay premiums, the policy is valid. In addition to paying upon death, whole life insurance policies also have investment components. This means it accumulates cash value, so if desired, you can borrow money from the life-insurance policy.
A Term life insurance policies is effective for a specified period of time. If you have this type of policy and die the insurance company will pay the policy amount if the policy is still in effect. A term life insurance policy is normally lower cost vs whole life insurance. That's because term life insurance policies are only valid for a certain amount of time but a whole life insurance policy is permanent and some of the premium money you pay goes to cash value savings.