Life Insurance Policy Definition:
A contract between two parties, the owner and insurer, where the owner promises to pay a premium to the insurer, in return the insurer promises to pay a death benefit to the owner’s beneficiary upon the death of the insured.
There are various types of life insurance policies, but the two primary categories are permanent insurance and term insurance.
Before we address the differences in the types of policies available, lets talk about the life insurance benefits.
Benefits of a Life Insurance Policy
Tax free death benefit payout
Tax deferred cash value growth
Tax free dividend payments
Tax free living benefits
What is a term life insurance policy?
Types of term life insurance
Benefits of Term Life Insurance
What is a permanent life insurance policy?
Types of Permanent Life Insurance
Benefits of Permanent Life Insurance
How Do I Find The Cheapest Life Insurance Policy Rates?
Life Insurance Policy Considerations
How Much Coverage Do I Need?
You can use an online life insurance calculator to determine how much life insurance you need.