A life insurance policy is an agreement between an insurer and the insured. When you pay for life insurance, you frequently receive exchange payments to a designated beneficiary, which are made on a regular basis or through the use of premiums paid over time. If someone financially relies on you, this is a critical safety net. If you receive a life insurance payment, you can use it to pay off your mortgage, cover income gaps, or cover your child's college tuition.


Temporary Life Insurance.

Temporary life insurance will cover you while you apply for permanent life insurance. The majority of life insurance companies offer temporary coverage in exchange for the first month's premium payment. It's an excellent way to ensure financial security for the people you care about if you die before your policy is issued. The term "binding" is frequently used to describe this.


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