What is life insurance?


Life insurance is financial protection that pays beneficiaries when the insured dies. There are several types of life insurance including term and permanent life. Term life pays a lump sum benefit during a specified period of time (typically 10 years, 20 years, or 30 years). Permanent coverage is designed to provide insurance coverage for a person’s entire life.

Life insurance can be extremely important for a family looking for financial protection in case of tragedy. It can also serve as a way to minimize the financial impact of estate taxes when building a robust estate plan.

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