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Life insurance is a contract between an individual (the policyholder) and an insurance company, wherein the insurer agrees to pay a designated beneficiary a sum of money (the death benefit) upon the death of the insured person. This financial product is designed to provide security and peace of mind, ensuring that the policyholder’s loved ones are financially protected in the event of their passing. Key Features of Life Insurance Death Benefit: The core purpose of life insurance is to provide a lump sum payment to beneficiaries upon the policyholder’s death, offering financial support for dependents. Premium Payments: Policyholders make regular premium payments to maintain their coverage. Premium amounts depend on factors such as the policy type, coverage amount, age, health, and lifestyle of the insured. Types of Life Insurance: Term Life Insurance: Provides coverage for a specified term (e.g., 10, 20, 30 years). It pays the death benefit only if the insured dies during the term. It is typically more affordable with lower premiums. Whole Life Insurance: Offers lifelong coverage with a savings component known as cash value that grows over time. It has higher premiums but guarantees a death benefit and accumulates cash value. Universal Life Insurance: Provides lifetime coverage with flexible premium payments and adjustable death benefits. It includes a cash value component that earns interest. Variable Life Insurance: Similar to whole life but allows policyholders to invest the cash value in various investment options. Cash value and death benefit can fluctuate based on investment performance. | |
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| Target State: All States Target City : All Cities Last Update : Jun 14, 2024 9:05 AM Number of Views: 85 | Item Owner : wdariusf Contact Email: Contact Phone: (None) |
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