Life Insurance

Life Insurance

What is Life Insurance?

A life insurance policy is a contract with an insurance company. In exchange for premium payments, the insurance company provides a lump-sum payment, known as a death benefit, to beneficiaries upon the insured's death. Typically, life insurance is chosen based on the needs and goals of the owner.

What are the 3 types of life insurance?

There are three major types of whole life or permanent life insurance-traditional whole life, universal life, and variable universal life, and there are variations within each type.

Who should consider it?

Not everyone needs life insurance. The general rule is that you only need life insurance if you have dependents. Typically, dependents are children who still live at home or have yet to graduate from college. But a dependent could be anyone who is financially dependent on you, like a spouse, sibling, or an aging parent.

Funeral Cover

What is Funeral Cover?

Funeral cover is a form of insurance that pays a specified amount of money in the event of a death, ensuring that the costs of a funeral will be covered so that family members do not have to struggle financially at this difficult time.

Who should consider it?

Funeral cover may be useful for some people. Alternatively, life insurance could be a more suitable option depending on the individual’s specific requirements.