Life insurance is a contract between an individual and an insurance company, where the insured pays regular premiums in exchange for a lump sum payment to beneficiaries upon the insured’s death. There are various types of life insurance policies, including term life, whole life, and universal life insurance.
Term Life Insurance: Provides coverage for a specific term, such as 10, 20, or 30 years. If the insured dies during the term, the beneficiaries receive the death benefit. If the term expires and the insured is still alive, coverage typically ends unless the policy is renewed.
Whole Life Insurance: Provides coverage for the insured’s entire life, as long as premiums are paid. It also includes a cash value component that grows over time, which can be borrowed against or withdrawn by the policyholder.
Universal Life Insurance: Similar to whole life insurance but offers more flexibility in premiums and death benefits. It allows policyholders to adjust their premiums and death benefits over time.
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