{"id":267,"date":"2022-08-16T21:07:56","date_gmt":"2022-08-16T21:07:56","guid":{"rendered":"https:\/\/yoursecurechoice.com\/?page_id=267"},"modified":"2022-08-23T00:39:55","modified_gmt":"2022-08-23T00:39:55","slug":"life-insurance","status":"publish","type":"page","link":"https:\/\/yoursecurechoice.com\/?page_id=267","title":{"rendered":"Life Insurance"},"content":{"rendered":"<style>\/*! elementor - v3.7.2 - 21-08-2022 *\/<br \/>\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style>\n<h2>What is Life Insurance<\/h2>\n<p>Life insurance is a contract between an insurer and a policy owner. A life insurance policy guarantees the insurer pays a sum of money to named beneficiaries when the insured dies in exchange for the premiums paid by the policyholder during their lifetime.<\/p>\n<h2>Key Takeaways<\/h2>\n<p>Life insurance is a legally binding contract that pays a death benefit to the policy owner when the insured dies.<\/p>\n<p>For a life insurance policy to remain in force, the policyholder must pay a single premium upfront or pay regular premiums over time.<\/p>\n<p>When the insured dies, the policy\u2019s named beneficiaries will receive the policy\u2019s face value, or death benefit.<\/p>\n<p>Term life insurance policies expire after a certain number of years. Permanent life insurance policies remain active until the insured dies, stops paying premiums, or surrenders the policy.<\/p>\n<p>A life insurance policy is only as good as the financial strength of the company that issues it. State guaranty funds may pay claims if the issuer can\u2019t.<\/p>\n<style>\/*! elementor - v3.7.2 - 21-08-2022 *\/<br \/>\n.elementor-column .elementor-spacer-inner{height:var(--spacer-size)}.e-container{--container-widget-width:100%}.e-container>.elementor-widget-spacer{width:var(--container-widget-width,var(--spacer-size));-ms-flex-item-align:stretch;align-self:stretch;-ms-flex-negative:0;flex-shrink:0}.e-container>.elementor-widget-spacer>.elementor-widget-container,.e-container>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer{height:100%}.e-container>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer>.elementor-spacer-inner{height:var(--container-widget-height,var(--spacer-size))}<\/style>\n<h2>How Life Insurance Works<\/h2>\n<h1>A Life Insurance policy has two main components\u2014a death benefit and a premium. Permanent or whole life insurance policies have an additional cash value component.<\/h1>\n<p><!-- .sina-particle-layer --><\/p>\n<p>Death Benefit:<\/p>\n<p>The&nbsp;death benefit&nbsp;or face value is&nbsp;the amount of money the insurance company guarantees to the beneficiaries identified in the policy&nbsp;when the insured dies.<\/p>\n<p>Premium:<\/p>\n<p>Premiums&nbsp;are the money the policyholder pays for insurance.<\/p>\n<p>Cash Value:<\/p>\n<p>The&nbsp;cash value&nbsp;of permanent life insurance serves two purposes. It is a savings account that the policyholder can use during the life of the insured; the cash accumulates on a tax-deferred basis.&nbsp;The policyholder can also use the cash value to pay premiums or purchase additional insurance.&nbsp;<\/p>\n<h2>Types of Life Insurance Policies<\/h2>\n<h2 id=\"mntl-sc-block_1-0-13\">Term life insurance<\/h2>\n<p id=\"mntl-sc-block_1-0-14\">Term life&nbsp;insurance lasts a certain number of years, then ends. You choose the term when you take out the policy. Common terms are 10, 20, or 30 years. The&nbsp;best term life insurance&nbsp;policies balance affordability with long-term financial strength.<\/p>\n<ul id=\"mntl-sc-block_1-0-16\">\n<li><strong>Decreas<\/strong><strong>ing term<\/strong>&nbsp;life insurance is renewable term life insurance with coverage decreasing over the life of the policy at a predetermined rate.<\/li>\n<li><strong>Convertible term<\/strong>&nbsp;life insurance allows policyholders to convert a term policy to permanent insurance.<\/li>\n<li><strong>Renewable term<\/strong>&nbsp;life insurance provides a quote for the year the policy is purchased. Premiums increase annually and are usually the least expensive term insurance in the beginning.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2 id=\"mntl-sc-block_1-0-18\">Permanent Life Insurance<\/h2>\n<p id=\"mntl-sc-block_1-0-19\">Permanent life&nbsp;insurance stays in force for the insured\u2019s entire life unless the policyholder stops paying the premiums or surrenders the policy. It\u2019s typically more expensive than term.<\/p>\n<ul id=\"mntl-sc-block_1-0-21\">\n<li><strong>Whole life<\/strong>&nbsp;insurance is a type of permanent life insurance that accumulates cash value.&nbsp;Cash-value&nbsp;life insurance allows the policyholder to use the cash value for many purposes, such as a source of loans or cash or to pay policy premiums.<\/li>\n<li><strong>Universal Life (UL)<\/strong>&nbsp;is a type of permanent life insurance with a cash value component that earns interest. Universal&nbsp;life&nbsp;features flexible premiums. Unlike term and whole life, the premiums can be adjusted over time and designed with a level death benefit or an increasing death benefit.<\/li>\n<li><strong>Indexed universal (IUL)&nbsp;<\/strong>is a type of universal life insurance that&nbsp;lets the policyholder earn a fixed or equity-indexed rate of return&nbsp;on the cash value component.<\/li>\n<li><strong>Variable universal<\/strong>&nbsp;life insurance allows the policyholder to invest the policy\u2019s cash value in an available separate account. It also has flexible premiums and can be designed with a level death benefit or an increasing death benefit.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>What is Life Insurance Life insurance is a contract between an insurer and a policy owner. A life insurance policy guarantees the insurer pays a sum of money to named beneficiaries when the insured dies in exchange for the premiums paid by the policyholder during their lifetime. Key Takeaways Life&hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"class_list":["post-267","page","type-page","status-publish","hentry"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.9 - aioseo.com -->\n\t<meta name=\"description\" content=\"What is Life Insurance Life insurance is a contract between an insurer and a policy owner. A life insurance policy guarantees the insurer pays a sum of money to named beneficiaries when the insured dies in exchange for the premiums paid by the policyholder during their lifetime. 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