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Life Insurance 101

Life insurance is an essential part of any financial strategy. It provides peace of mind by helping protect the security of the most important people in your life. It can replace income for dependents, create inheritances, provide charitable contributions, and much more.

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Protect your family with life insurance. Get an instant quote.

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Introduction to Life Insurance

How does life insurance work? Here’s how you can use it to help reach your financial goals.

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What is life insurance?

It’s a way to leave money to the people you care about most to cover anything — replacing income, funeral costs, help with mortgage payments, educational expenses and more.

How does life insurance work?

You make regular payments and the life insurer pays a benefit to your beneficiaries after you die. Depending on your policy, life insurance can also provide living benefits.

How can you use life insurance?

It does more than protect your loved ones. It can help you pay less in taxes, get money if you get sick, act as a source of retirement income1 , or even help protect a small business.

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Get a Life Insurance Quote

Find Term Life Insurance rates

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In addition to providing a generally federal-income tax free benefit, it can help your retirement strategy by creating a potentially tax-free source of supplemental retirement income to help manage taxes.

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What life insurance terminology do I need to know?

If you want to improve your understanding of life insurance, knowing what the terminology means is a great place to start. Here are some of the terms you should be familiar with:

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Types of Life Insurance and Why They Matter to You

Finding a policy that’s right for your needs and goals is easier when you know the types of policies available and what they are designed to do.

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Understanding the types of life insurance

There are several common types of life insurance policies available.

Types of term insurance

Term life insurance lasts for a certain number of years. It’s usually best when you know the end date of the need or obligation you’re covering.

Types of permanent insurance

Permanent life insurance can cover you for up to your lifetime, and some policies can offer advantages while you're alive.

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Footnote

  • 1 You can access your cash value through loans and withdrawals. In general, loans are charged interest; they are usually not taxable. If a policy lapses or is surrendered, the loan becomes immediately taxable to the extent of gain in your policy. Withdrawals are taxable only when you take more money out of the policy than you’ve paid in premiums. If your policy becomes a Modified Endowment Contract (MEC), different, less advantageous tax provisions apply. Loans and withdrawals may reduce or eliminate the death benefit payable to your beneficiaries.

Please remember quotes are based on the information you provided. Underwriting of your medical history and other factors may be required to determine whether you are eligible for coverage and, if so, what premiums would apply. This review may result in a higher premium than initially quoted. Please note that all guarantees are based upon the claims-paying ability of the issuer. Our policies contain exclusions, limitations, reductions in benefits and terms for keeping them in force.

This material is being provided for informational or educational purposes only and does not take into account the investment objectives or financial situation of any client or prospective clients. The information is not intended as investment advice and is not a recommendation about managing or investing your retirement savings. If you would like information about your particular investment needs, please contact a financial professional.

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