Life Insurance

Life insurance is a sum of money to be paid to a beneficiary when the insured person dies. Life insurance is insurance that protects the family or dependents in the event of the policy holder's death. There are three main categories of life insurance: term life, universal life, and whole life insurance.

Term life insurance is the simplest and least expensive type of life insurance policy. It is life insurance with no cash value account. A term life policy has only one function which is to pay a specific lump sum to a beneficiary upon the death of the policy holder.

Universal life insurance is a flexible premium life insurance policy under which the policy owner may change the death benefit from time to time and vary the amount of timing of premium payments. Premiums (less expense charges) are credited to a policy account from which mortality charges are deducted and to which interest is credited at rates, which may change from time to time.

Whole life insurance is a basic type of permanent life insurance which can provide lifetime protection at a level premium. Premiums must generally be paid for as long as the policy is in force.

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Health Insurance

Health insurance provides financial protection against health related expenses. Health insurance policies vary widely and can provide coverage for doctor visits, required medicines, hospital visits and other required medical costs.

Health insurance supplies protection that provides payment of benefits for covered sickness or injury.

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