Life Insurance


Life Insurance – A protection against financial loss that would result from the premature death of an insured. The named beneficiary receives the proceeds and is thereby safeguarded from the financial impact of the death of the insured. The death benefit is paid by a life insurer in consideration for premium payments made by the insured

Most companies offer Life Insurance through their benefit package. It typically covers a certain percentage of your salary, and you are allowed to assign beneficiaries.  However, what happens when you no longer work for that company? Are you still covered? Having these conversations aren’t easy. But you want to know whats worse? Having your family members come up with the funds to properly bury you, and you leaving behind a financial burden. One positive note about having  a policy, it only takes a few dollars per paycheck!

Before purchasing a life insurance policy, consider your financial situation and the standard of living you want to maintain for your dependents or survivors. For example, who will be responsible for your funeral costs and final medical bills? Would your family have to relocate? Will there be adequate funds for future or ongoing expenses such as daycare, mortgage payments and college? It is very important to visit your  insurance policies annually or when you experience a major life event like marriage, divorce, the birth or adoption of a child, or purchase of a major item such as a house or business.

Different Types:

Term Life – The simplest form of life insurance. It pays only if death occurs during the term of the policy, which is usually from one to 30 years. Most term policies have no other benefit provisions. There are two basic types of term life insurance policies; level term and decreasing term.

  • Level Term – the death benefit stays the same throughout the duration of the policy.
  • Decreasing Term – The death benefit drops, usually in one-year increments, over the course of the policy’s term.

Whole Life – Pays a death benefit whenever you die. There are three major types of whole life or permanent life insurance; traditional whole life, universal life, and variable universal life, and there are variations within each type.

Great news! I’ll have an expert in this area as a Guest on, Fancy Chat Podcast. Email any questions you may have at;


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