Life Insurance 101: Knowing the Basics

Posted on: April 25, 2016 By: Risk Management Blogging Team
Life Insurance 101: Knowing the Basics

Life insurance may seem complicated, but once you know the basics, it’s not too bad!

A life insurance policy is a document in which the insurance company pays a lump sum of money to the insured’s beneficiaries, provided that the one being insured pays a premium to the company. Typically, life insurance is chosen based on the needs of the owner. Term life insurance provides life insurance for a limited amount of time, while whole life insurance will provide coverage for the entire duration of your life, and can even be cashed out once you hit the age of retirement. If life insurance is something that you’ve been curious about, but never knew where to get started, this guide will help you out.

Whole Life Insurance

Whole life insurance is a kind of permanent life insurance designed to provide coverage to your beneficiaries should your passing come earlier than expected. This typically has a higher premium than all other life insurance types because of its long duration period. Once you hit retirement, and decide that you don’t want this policy, you can use the cash value it has accrued.

Term Life Insurance

Term life insurance offers the same coverage, but only for the amount of time that is specified by you—usually for 5, 10, or 20 years. With traditional term insurance, the premium payment stays the same throughout the majority of the policy’s lifespan. After the policy expires, you may opt to renew it (usually for a higher premium), or change it to a life insurance policy.

Whether you believe term life or whole life insurance is the policy for you, having the appropriate coverage for your family is a must.  Get the life insurance policy that is right for you! When looking for a policy suited for you, contact Risk Management LLC for all of your Brookfield, Wisconsin insurance needs!

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