Life insurance states that you will pay premium to an insurance company time to time and insurance company facilitate and pay an amount to beneficiary upon your death. Life insurance policy can help your family members living expenses. You may need to adjust the life insurance policy related to major life events, like buying a home, getting married etc.
Two types of life insurance policies:
- Whole or Universal Life Insurance Policy – are considered as a permanent.
- Term Life Insurance Policy – effect for a certain period of time or term.