Life Insurance - A first step in the journey.

 Newbie to life insurance? Let's take a walk through its basics and start your journey!

Image: Digital Adoption

What is life insurance?

        A diamond umbrella that protect your beloveds.

    Life Insurance can be defined as a contract between an insurance policy holder and an insurance company, where the insurer promises to pay a sum of money in exchange for a premium, upon the eternal rest of an insured person or after a set period.

Who needs life insurance?

        Everybody. Honestly. Everybody.

- People who are planning to settle down.

- People who are financially supporting their aging parents, their spouse or their children.

- Entrepreneurs.

- Students with student loan debts.

- Retirees.

- People with high-risk jobs and extreme hobbies.

And more ...

Get the right type of insurance will help you get the right coverage, at the right price.

Image: Utah Valley University

What are the types of life insurance?

There are two main types of life insurance: term life insurance and whole life insurance.

Term life insurance	Whole life insurance
Lasts for a number of years death benefit received before due Premiums payment The simplest, most accessible life insurance policy Death benefit can be a lump sum, a monthly payment, or an annuity More affordable than other types, have lower premium costs	Lasts for permanent life Premiums payment Investment-like, tax-deferred, and interest accrued at a fixed rate Death benefit and cash value, as cash value can be withdrawn over time  Costly than others, worthwhile when money is needed to cover endowments or estate plans, or long-term dependents

How's your "first step"? Everything is so simple. Right? Let's continue with our next posts!