What is life insurance policy

Replacing Life Insurance Policies: Important Considerations Education Lafayette Life Insurance Company

Replacing Life Insurance Policies: Important Considerations Changing Needs Lifes biggest moments – such as getting married, buying a house and having a baby – can change the type of life insurance you need to feel secure. It is important to keep your life insurance policies current in order to meet these needs. You may think it is necessary to cancel your current policy for a new one in order to account for changes in your life, but in most cases you do not need to get another life insurance policy to replace what you currently have. In many situations, the policy you own is your best bet. Before deciding to replace your current policy, speak with your agent about updating your...

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What Is Life Insurance? Why Do You Need Life Insurance? - CANSTAR

What is life insurance? Life insurance is a lump sum payment to your family and other beneficiaries in the event of your death or upon being diagnosed with a terminal illness. The purpose of life insurance is to provide your family with financial security if you were to pass away. Trauma insurance: Provides a lump sum of money to help you meet medical expenses and clear debts when you have suffered a medical trauma Total and Permanent Disability (TPD) Cover: Provides a lump sum payment if you become totally and permanently disabled so that you are no longer able to work Income Protection Insurance: Provides a monthly payment if you are unable to work due to serious illness or injury The...

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Cash value life insurance: What's it worth to you?

Cash value life insurance: What's it worth to you? By | Last updated: Dec. 12, 2017 When you shop for life insurance, you've got two basic options: term life and permanent life insurance. One limits the number of years in which you're covered, while the other protects you for life and even has a cash value option that lets you tap into the policy before you die. Let's take a look at the differences: Term life insurance covers you for a specific period, usually 10, 15, 20 or 30 years. If you live past your policy's term, there is no payout to your beneficiaries. Permanent life insurance, such as whole life, universal life or variable universal life insurance, covers you for the duration of...

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What is Life Insurance?, AIG Direct - Basics

How Does Life Insurance Work? A life insurance policy is a protective contract between you (the insured) and an insurer (the life insurance company). In the event of your passing, the life insurance company pays your beneficiary (a person or organization that you choose) a set amount of money (benefit amount). You can name any person or organization that you'd like as your beneficiary — and you can even name more than one. That's good news for parents who have more than one child and don't want to play favorites. The amount your beneficiary (or beneficiaries) will receive is determined by the amount of coverage you chose to purchase. Best of all, your beneficiary will receive the...

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