Wondering about the meaning of life insurance? A life insurance policy is essentially a contract between an individual and an insurance provider, where the company promises to pay a specified amount of money to the family or beneficiary of the individual, in return for regular payments over a period of time.
What are the 7 types of life insurance?
There are, however, four types of insurance that most financial experts recommend we all have: life, health, auto, and long-term disability."
What are the 6 types of life insurance?
Types of life insurance explained. There are two primary categories of life insurance: term and permanent. Term life insurance lasts for a set timeframe (usually 10 to 30 years), making it a more affordable option, while permanent life insurance lasts your entire lifetime.