Life insurance is a contract between you and an insurance provider who will pay a death benefit upon death and is funded through premium payments. Think of it as a kind of financial safety net that allows you to live your life fully while being financially protected for the unexpected.
The policy is purchased for a set amount of coverage, which is the amount the insurance provider will pay your beneficiary. This payout, called a death benefit, can be used to cover funeral costs or large medical bills, or expenses like housing, food, education, and anything else they might need.
There are a wide variety of life insurance coverages. In general, your life insurance policy remains active as long as the contract terms are met. This usually means a death benefit is payable upon death as long as the premium or funding requirements are met.
Premiums and other policy characteristics can vary by many factors including the amount of coverage you need, as well as your age and health. If death occurs while the coverage is active, your beneficiaries can submit a claim to receive the payout.
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People get life insurance to protect their families and provide financial support to their loved ones in the event of their death. The death benefit can be used for:
There are several types of life insurance policies you can choose from to match your unique needs and situation. The types can be categorized based on years of death benefit coverage and are commonly referred to as temporary and permanent coverage. At Legal & General America (LGA), we offer temporary coverage called term life insurance and a permanent type of coverage called universal life. Both types of policies provide a choice for the amount of protection your family needs.
Term life insurance products tend to be the most affordable and cover temporary needs such as mortgage protection. Universal life policies provide lifetime coverage and may include a cash value savings component or flexible payment options. LGA life insurance products are underwritten and issued by our companies, Banner Life Insurance Company and William Penn Life Insurance Company of New York.
