What is Life Insurance?
Life insurance is a contract that pays a sum of money to beneficiaries upon the insured person's death, providing financial security to their loved ones, and may also offer living benefits, allowing policyholders to access funds for certain critical or chronic illnesses.
Common Types of Life Insurance
- Term Life Insurance: Term life insurance provides coverage for a specified duration with fixed premium payments. If the insured person passes away during the term, the death benefit is paid to the beneficiary. It's a cost-effective way to secure a substantial death benefit for a specific period.
- Whole Life Insurance: Whole life insurance remains in effect for the insured's entire life and requires annual premium payments. It offers lifelong coverage with a cash value component.
- Universal Life Insurance: Universal life insurance is a permanent policy where excess premium payments above insurance costs are credited to the policy's cash value, which earns interest. Monthly charges, including the cost of insurance, are deducted from the cash value, offering flexibility in premium payments.
- Variable Universal Life Insurance: Variable universal life insurance builds cash value and allows policyholders to invest in various separate accounts, similar to mutual funds. The choice of investment accounts is at the discretion of the policy owner, offering potential growth through market investments.
- Final Expense Life Insurance: This insurance is tailored to cover end-of-life expenses, like funeral and burial costs, debts, and medical bills. It offers a modest death benefit to ease the financial burden on your loved ones, with affordable premiums and a straightforward application process.
Contact us to learn more about the right Life Insurance for you.
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This is a solicitation of insurance. Not connected with or endorsed by the United States government or the federal Medicare program.
Jake Purvis Consulting does not offer tax, legal, or investment advice. Consult with your tax advisor or attorney regarding specific situations. Opinions expressed are subject to change without notice. These opinions are not intended as investment advice, nor do they predict future performance of any product. All information provided is believed to be from reliable sources, however we make no representation or warranty as to the accuracy of any statement. This information is intended to be educational in nature and does not provide a guarantee or a specific result. All copyrights and trademarks are the property of their respective owners. Jake Purvis Consulting assumes no responsibility or liability for the content of this message. The information contained herein is provided on an “as is” basis with no guarantees of completeness, accuracy, usefulness, timeliness or of the results obtained from the use of this information.
CMIP® and Certified Medicare Insurance Planner™ are owned by the parent company of Certified Medicare Insurance Planner™, DBA, The Life Man® LLC, and authorizes the use by individuals who have met the administration’s initial and ongoing certification requirements. The Federal Government, CMS, and Medicare do not affiliate with or endorse ANY professional designation, which would include the CMIP® designation.
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