What is Life Insurance?

Life insurance is a financial tool that provides protection and peace of mind for your loved ones. There are two main types of life insurance: term life insurance and permanent life insurance.

Term life insurance

Term life insurance offers coverage for a specific period, such as 10, 20, or 30 years. Term life insurance is often more affordable and straightforward, making it a popular choice for many individuals. It offers temporary protection and is typically used to cover specific financial responsibilities, such as paying off a mortgage, supporting dependents, or funding education expenses.

Permanent Life Insurance

Permanent life insurance provides lifelong coverage. It doesn't have a specific term. Permanent life insurance policies can accumulate cash value over time, which you can access during your lifetime. These policies are often chosen for long-term financial planning, estate planning, or leaving a legacy for your beneficiaries.

Why Do You Need Life Insurance?

Life insurance is essential because it ensures that your family is financially protected in the event of your passing. It can help replace lost income, cover outstanding debts, pay for funeral expenses, and provide a financial safety net for your loved ones. By having a life insurance policy in place, you can have peace of mind knowing that your family's future is secure.

Prepaid Burial Insurance

With a prepaid burial insurance plan, the policy pays out a predetermined amount to cover funeral expenses. This payout can be used to cover costs like funeral services, casket or urn, burial plot, headstone, transportation, and other related expenses.