What is Life Insurance?
Life Insurance provides peace of mind that those you love will have financial security after you die. Life insurance provides a tax-free payment to your beneficiaries. This could cover financial obligations including mortgage payments, higher education costs and general living expenses. These are financial requirements that your dependents may be unable to cover after you die.
There is no one size fits all life insurance coverage. When looking at the cost of life insurance, this can vary significantly based on your individual profile. Factors that determine your premium include your age, gender, heath, lifestyle and medical history. The amount and type of coverage you choose should be based on your individual needs and circumstances.
Types of Life Insurance
There are four main types of life insurance:
- Whole Life Insurance (or Permanent Life Insurance)
- Participating Life Insurance
- Term Life Insurance
- Universal Life Insurance
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