A life insurance policy can help your family maintain the lifestyle they've grown to love and provide long-lasting financial security.
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Life Insurance Guide
A life insurance policy is a contract between you and an insurance company.
A life insurance policy is made up of these components
The person who owns the life insurance policy and is paying the premiums. Typically, this is the person who applied for and is insured under the policy, but it’s also possible to purchase a policy on behalf of someone else.
The person(s) or entity, people, business entity, or institution(s) that receive the death benefit if the policyholder dies. You can name one person (or more) as beneficiaries when you purchase a policy.
The money paid monthly or annually to keep a policy active (or “in-force”) during the term. Payment ensures that the insurance company will provide your beneficiaries with the stated benefit in the event of your passing. If you stop paying premiums, the policy lapses.
The money paid out if the insured person passes away. Death benefits are not subject to an income tax and beneficiaries generally receive the benefit in one lump-sum payment.