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Life insurance is a contract between an insurance company and an individual. This contract states that the individual will be paying premiums for insurance that the company provides. This typically means an insurance company provides a lump sum payment, also known as a death benefit, to beneficiaries upon the individual’s death.
Generally, the type of life insurance selected depends on the needs and goals of the individual wanting it. The two common types of life insurance are term insurance and whole life insurance.
The term life insurance plan provides a lump sum to the beneficiary of the owner in case of death. As the owner pays premium payments, they can receive a large amount as coverage or a safety net for their loved ones.
The costs of term insurance, as we mentioned, is less than whole insurance plans. However, the payment amount may vary depending on the insurance company. A general rule of thumb is that the insurance activates only after 30 days of purchasing it. Anyone from the age of 18 and 60 can get it.
This is a solicitation for insurance, a member of our team will contact you to discuss your Medicare questions.
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