Protect Your Family with Insurance

A life insurance policy is a contract with an insurance company. In exchange for premiums (payments), the insurance company provides a lump-sum payment, known as a death benefit, to beneficiaries in the event of the insured’s death.

Typically, life insurance is chosen based on the needs and goals of the owner. Term life insurance generally provides protection for a set period of time, while permanent insurance, such as whole and universal life, provides lifetime coverage. It’s important to note that death benefits from all types of life insurance are generally income tax-free.

There are many varieties of life insurance. Some of the more common types include: Term life insurance, Universal life insurance, and Whole life insurance.

Action Steps

1. Download this Life Insurance worksheet.

2. At a minimum get Term Life Insurance.

3. Or review your existing policy.

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