A life insurance policy is a contract between you (the policyholder) and an insurance company. In exchange for paying regular premiums, the insurance company pays a death benefit to your beneficiaries if you die. Life insurance coverage provides a financial safety net, and it could replace your wages or be used to pay off the mortgage or college costs for the kids.
There are two primary types of life insurance: term and whole life (aka permanent life insurance).
Term insurance is the most straightforward—and most affordable—type of life insurance. According to the Insurance Information Institute, it pays if you die during the policy's term, which is usually from one to 30 years.1 Once the term expires, you can renew it for another term, covert the policy to permanent coverage, or allow the policy to terminate.
The financial products provide a small amount of money ranging from $5,000 to $25,000 for funeral and “end of life expenses” costs such as funeral and burial costs, medical bills, credit card bills, and any other outstanding bills. These life insurance plans are also known as end-of-life insurance.
Seniors up to a maximum age of 80 can expect a short application process and immediate coverage.
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