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Life Insurance FAQs

What is covered by a standard life insurance policy?

Term Life Insurance

This is used to cover you for a fixed period of time. If you were to die while this policy is active, a fixed, predetermined sum of money is paid to your beneficiaries. If you were to die after the term of the policy is over, nothing is paid. Term policies are generally the cheapest of all life insurance policies and can be used to protect a mortgage to provide funds to put children through college or just provide an estate.

Universal Life

(Whole Life Insurance)

This is a permanent policy used for estate planning and other, more strategic forms of protection such as providing income to business partners in the event of each other’s demise.

Life Insurance

Often, when spouses get divorced, one or both parties may be compelled by a court to carry life insurance for a certain amount of time. In addition, many employers will require that a policy be taken out on a key employee, with the company listed as beneficiary, to provide a form of business continuity coverage.

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