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Understanding life insurance. This page is intended to give you a better understanding of what life insurance is all about.

Life insurance is simply a legal, binding, agreement between a person or a business and a life insurance company that guarantees payment of a specific sum upon the death of the insured in return for a specific monthly, quarterly, semi annual or annual premium.

The premium varies depending on the age of the applicant at the time s/he applies. The amount of coverage applied for also affects costs.

The death benefit of the life insurance policy can be paid in one lump sum or in the form of a monthly, quarterly, half yearly or yearly income.

Why buy life insurance? The main reason people would buy a policy is to assure themselves that their loved ones will be financially secure after their death. Life insurance guarantees food on the table, a roof over the heads of your spouse and children, clothes to wear and much, much more.

Life insurance guaranteed that a corporation or partnership can continue on even after the death of a major shareholder. Life insurance guarantees that a business can continue even after the premature death of a key employee.

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