What is life insurance?
Life insurance is a contract between you and a life insurance company. You agree to pay for the policy on a regular basis, and the insurer agrees to pay a sum of money to your beneficiaries if you die. Within those parameters are several types of life insurance.
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Common Types of Life Insurance
Most life insurance policies fall into one of two basic groups: term life and whole life (also called permanent life)
Provides protection for a specific, limited amount of time such as 10, 15, 20, 25, or 30 years; or to a maximum age, such as 80.
Typically provides no cash value but offers a lower premium.
Often provides protection for specific times of need, such as a mortgage or raising a family.
Designed to stay inforce for individual's entire life - normally to age 120.
Has a cash value that accumulates over the life of the policy.
Cash value can be accessed if needed for any reason, and can provide guaranteed income after retirement.
of Americans think life insurance is necessary
of adults have some type of life insurance
of them do not have adequate coverage