Life Insurance

Life insurance is a contract between an individual and an insurance company in which the insurer agrees to pay a designated beneficiary a sum of money upon the death of the insured individual. 

Life insurance provides financial protection in the event of the death of the policyholder and can be used to help cover expenses such as funeral costs, outstanding debts, or provide financial support for loved ones.  

There are three main types of life insurance policies: Term Life Insurance, Whole Life Insurance and Universal Life Insurance. 

Term Life Insurance, the most popular and least expensive, provides coverage for a set period of time, typically 10-30 years, and pays out a death benefit if the policyholder dies during that time period.  

Whole Life Insurance provides lifetime coverage and also builds cash value over time that can be accessed through loans or withdrawals.  

Universal Life Insurance gives you an opportunity to accumulate money in a separate account and has death benefits. 

Life insurance is a crucial decision, and it is important to work with a qualified professional to find the right policy for your needs.

Polina Segal

Licensed Insurance Consultant