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Life Insurance Basics

Use of Life Insurance

The main purpose of life insurance is to offer protection for your family in the event of your death. If you die as the insured of a life insurance policy, the proceeds from your policy can be used to help your family maintain the life style they are used to. A life insurance policy should be designed to provide adequate coverage for the following expenses:

Permanent life insurance policy can also be used as a vehicle to accumulate cash value and transfer wealth without subjecting your beneficiaries to estate tax.

Types of Life Insurance

There are basically two classes of life insurance policies: Term Life and Permanent Life. Only permanent life insurance will develop cash value, which is the result of investing a portion of the premium payments in a tax-deferred account overtime.

Underwriting Considerations

Some of the common criteria used by life insurance companies to determine your rate and eligiblity are: