Life insurance can help your family maintain the lifestyle they’ve grown to love and provide longer-lasting financial security. Your family can use it to help pay for funeral expenses, housing costs, medical bills not covered by health insurance, children’s college, debts and just about anything else they may need.
A life insurance policy works similarly to any other type of insurance policy. You determine how much coverage you need, how long you need it and then you make your premium payments. You can typically choose to pay monthly, annually or quarterly for 10, 20, 30 years or over your lifetime to maintain the coverage. When you die, if your policy is still active, the beneficiaries you’ve listed on your policy get paid the death benefit. In most cases, this payment is paid in one lump sum.
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