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What is Life Insurance?

Life insurance can play an important role in securing a family's financial future. In the event of your death, the proceeds from a life insurance policy (also referred to as a "death benefit") can help ensure the bright future you planned for your loved ones-paying off a mortgage, funding educational expenses, etc. For many people, life insurance is a fundamental component of an overall financial plan.

There are two basic types of life insurance: term life insurance and permanent life insurance.

Term life insurance provides protection for a defined period of time, known as a term. You choose the term length and the coverage amount that fits your needs. For example, you might choose a term life insurance policy with a length of 25 years and a $750,000 death benefit. Term life insurance is often regarded as the most affordable type of life insurance and also a popular choice for families.

Permanent life insurance (sometimes known as whole life, universal life, index universal life, or variable universal life) is priced to provide lifelong protection. This type of life insurance coverage accumulates a cash value, which is not usually present with term life insurance. Some types of permanent life insurance allow you to increase or decrease the death benefit amount without needing to get a new policy. It works similarly to term life insurance in that, if you die while the policy is in force, your beneficiaries receive the full death benefit amount. However, permanent life insurance typically costs more than term life insurance.

At AIG Direct, our licensed life insurance representatives can answer any questions you may have and provide straightforward information so that you can make the best decisions for you and your family - whether you need term life or permanent life insurance.

Get started on your free term life insurance quote now or speak with a licensed AIG Direct life insurance agent today.

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