Life Insurance

Life insurance is a contract that exists between a life insurance company and an insured individual that delineates the financial terms to be paid upon the death of the insured individual, based on a monthly premium.

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Life insurance is a type of insurance that is available for two distinct purposes:

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Life insurance Policies for Protection

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Life insurance is most often bought as a means of protection. Life insurance is designed to provide a lump sum payment in the event of a critical illness, terminal illness, or death of the insured. This type of life insurance coverage is typically bought as term life insurance.

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Term life insurance does not offer the accumulation of cash value, so it is substantially less expensive than those life insurance policies designed to protect an individual - while meeting financial objectives simultaneously.

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Life insurance Policies for Investment Purposes

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Life insurance can also be bought with the fundamental objective of facility capital growth by making consistent premium payments. These life insurance policies are available as –

• Whole Life Insurance Policies – this policy provides a lifetime of insurance coverage with a set premium amount.

• Variable Universal Life Insurance Policies (VUL) – this type of insurance coverage builds cash value but offers more investment options, which resemble mutual funds.

• Universal Life Insurance Policies – is a somewhat new insurance product that offers a combination approach where the policy builds cash value, but provides greater flexibility than term life insurance coverage.
   

Many of the modern insurance policies offering life coverage are managed similarly to the way assets are managed professionally in the financial services industry.
 

If you are interested in discussing life insurance options available by Coastwide Insurance, call us at 732-528-7200 or reach out to us online using our online form.