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About Life Insurance

What is Life Insurance | Know About Life Insurance

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Page 1: What is Life Insurance | Know About Life Insurance

About Life Insurance

Page 2: What is Life Insurance | Know About Life Insurance

What is Life Insurance?

Life insurance is a contract between an insurance policy holder and an insurer or assurer where the insurer promises to pay a designated beneficiary a sum of money in exchange for a premium, upon the death of an insured person.

Page 3: What is Life Insurance | Know About Life Insurance

Why Need Life Insurance?Think you don't need life insurance if you don't have kids? Think again. It may seem like an unnecessary expense. But there are many reasons to have life insurance, even if you’re not supporting a family.

Page 4: What is Life Insurance | Know About Life Insurance

Reasons Of Life Insurance

There are 4 Reasons for choose life insurance.Mortgage ProtectionIncome ReplacementFinal ExpensesCollege Funding

Let me explain those….

Page 5: What is Life Insurance | Know About Life Insurance

What is Mortgage Protection?

Mortgage protection insurance is a life insurance policy designed to pay off your mortgage if you die during the term. It runs for the same length of time as your mortgage. So, if you take out a mortgage over 20 years, your mortgage protection insurance must also be in place for 20 years.

Page 6: What is Life Insurance | Know About Life Insurance

What is Income Replacement?

Income replacement is a simple concept to understand. Through the miracle of life insurance a beneficiary invests the death benefit of the policy and lives off the investment returns rather than spending down the death benefit or principal.Income replacement policies help replace part of your regular working income while you are off work. The risks covered can include disability, illness, accidents, unemployment or involuntary redundancy.

Page 7: What is Life Insurance | Know About Life Insurance

What is Final Expenses?

Final expense insurance or burial insurance are interchangeable terms used to describe life insurance for seniors, in that a policy may be issued on a term or whole life basis.

Page 8: What is Life Insurance | Know About Life Insurance

What is College Funding?

Life insurance can help fund a college education. If you die, the death benefit may be invested and potentially grow to the needed amount by the time your children reach college age. Feel better knowing that you helped prepare for their future even if you are not there to see it.

Page 9: What is Life Insurance | Know About Life Insurance

Types of Life InsuranceIn my research, there are 3 types of life insurance, Term Universal Whole

Page 10: What is Life Insurance | Know About Life Insurance

What is Term Life Insurance?

Term life insurance or term assurance is life insurance that provides coverage at a fixed rate of payments for a limited period of time, the relevant term. After that period expires, coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments or conditions

Page 11: What is Life Insurance | Know About Life Insurance

What is Universal Life Insurance?

Universal life insurance is a type of permanent life insurance, primarily in the United States of America. Under the terms of the policy, the excess of premium payments above the current cost of insurance is credited to the cash value of the policy.

Page 12: What is Life Insurance | Know About Life Insurance

What is Whole life insurance?

Whole life insurance or whole of life assurance sometimes called "straight life" or "ordinary life," is a life insurance policy which is guaranteed to remain in force for the insured's entire lifetime, provided required premiums are paid or to the maturity date.

Page 13: What is Life Insurance | Know About Life Insurance

Determine Your Life Insurance Needs

Outstanding debtsFuneral expensesTaxesHousehold expensesEmergency needsEducational costs

Page 14: What is Life Insurance | Know About Life Insurance

How cost is determined?Insurers use rate classes, or risk-related categories, to determine your premium payments, these categories don't, however, affect the length or amount of coverage.Your rate class is determined by a number of factors, including overall health, family medical history and your lifestyle.

Page 15: What is Life Insurance | Know About Life Insurance

Read this important information

• Before deciding on a variable life insurance policy, you should carefully consider the investment objectives, risks, charges, and expenses of the policy and its investment options. The product prospectus and underlying fund prospectus contain this and other important information.

• To obtain a product prospectus, variable universal life insurance quote, or underlying fund prospectus, contact your investment professional or Nationwide. Read the prospectus carefully before making a purchase.

Page 16: What is Life Insurance | Know About Life Insurance

ConcussionAlthough some aspects of the application process make it difficult, life insurance policies have been used to facilitate exploitation and fraud. In the case of life insurance, there is a possible motive to purchase a life insurance policy, particularly if the face value is substantial, and then murder the insured.

Page 17: What is Life Insurance | Know About Life Insurance

Resource• https://www.nationwide.com/• https://www.google.com• https://en.wikipedia.org/

Page 18: What is Life Insurance | Know About Life Insurance

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