Life Insurance

Life insurance is a contract between an individual and an insurance company, where the individual agrees to pay a premium in exchange for a guaranteed sum of money to be paid out upon their death. The purpose of life insurance is to provide financial support for one’s dependents after the policyholder’s death.

There are different types of life insurance policies, including term life insurance, whole life insurance, and universal life insurance. Term life insurance provides coverage for a specified period of time, while whole life insurance provides coverage for the policyholder’s entire life and includes a savings component. Universal life insurance combines the benefits of term and whole life insurance and offers more flexibility in premium payments and coverage amounts.

The amount of life insurance needed varies depending on an individual’s financial situation and the needs of their dependents. Factors to consider when determining the appropriate amount of life insurance include income replacement, debt repayment, funeral expenses, and the cost of education for any children.

It’s important to shop around and compare different life insurance policies and premiums before making a decision. Lifemart Insurance brokers team of experts will help our clients in selecting the best policy for one’s needs.