Life Insurance Test

Life insurance is a protection for your family in the case of unforeseen death. It is essentially a contract with an insurance company that, in exchange for premium payments, your family will receive a lump sum payment (a death benefit) upon the insured’s death. A life insurance policy is customarily selected based on the requirements and goals of the insured and their family.  It is primarily used for  income replacement or estate preservation.

Term life insurance will provide protection for a specific period of time​ ​and is typically the least expensive and best value​.  It is typically used for income replacement over a set term of years [Typically 5, 10, 15, 20 & 30 year terms].