Video Transcript
How does life insurance work?
A life insurance policy is a contract between you and a life insurance company. The concept of life insurance is simple:
choose the length of time you want to be covered
select a plan that best fits your lifestyle and needs
pay a monthly premium
Plans vary from:
- temporary, or term policies which can cover you anywhere from 10 to 30 years, to
- permanent policies that grow in cash value over time.
In the event of the insured’s death, the insurance company provides a lump-sum payment to his/her beneficiaries. This money can help:
- supplement household income
- fund college tuition, or
- cover any sudden emergencies
Choosing the right life policy comes down to factors such as:
- family size
- current and future income, and
- assets (such as mortgage and commercial bonds)
For more information on life insurance visit LifeInsurancetype.com or call us today and receive free enrollment assistance.