Life insurance is a contract between the policy owner and an insurer, where the insurer agrees to pay a designated beneficiary or designated beneficiaries a sum of money upon the occurrence of the insured individual's death or other event, such as terminal illness or critical illness. In return, the policy owner agrees to pay a stipulated amount at regular intervals or in lump sums.
Term life insurance is less expensive than whole life or universal life. Term insurance does not build any cash value and will only pay a designated amount in the event of an insured individual's death while still insured under the contract.
Whole life or Universal life is more expensive. You will pay for not only the death benefit, but also a "living" benefit which is in the form of cash value. These policies are the kind that you can borrow against or even cash in or reduce the face value and take either a paid up whole life policy or a term life insurance policy.
Contact me to obtain a quote for Life Insurance coverage for you and/or your employees.
