How life insurance works
Life insurance is a contract between an individual policyholder and an insurance company. Under this contract, the policyholder makes payments in exchange for a disbursement or payment of money called a death benefit to a beneficiary or beneficiaries when the policyholder dies. Beneficiaries are typically family members or people who depend on your income to meet their daily needs.
Why life insurance is important: Whether you’re single or in a relationship, life insurance can be incredibly important because your loved ones will have funds available to them after you pass away.
What’s a death benefit?
Life insurance helps to ensure that your family and loved ones are protected against financial hardship when you pass away. The money your beneficiaries will receive from your life insurance policy after your death is called a death benefit.
What can a death benefit be used for?
A death benefit can be an important resource that may be used by your beneficiaries for any purpose they choose but often it’s used to help:
Which life insurance is best?
It depends on your specific needs and goals. Below, we’ll explain the life insurance plans we offer.