Life Insurance FAQs
What is Life Insurance?
Life insurance is a contract between you and an insurance company where you pay premiums, and in exchange, the insurer provides a death benefit to your beneficiaries upon your passing. It’s designed to offer financial protection and peace of mind for your loved ones.
What is term life insurance?
Term life insurance provides coverage for a specific period, like 10, 20, or 30 years. It’s typically more affordable than permanent life insurance and is a good choice if you need coverage for a defined time, such as while raising children or paying off a mortgage.
What is whole life insurance?
Whole life insurance is a type of permanent life insurance that covers you for your entire life. In addition to providing a death benefit, it also includes a cash value component that grows over time, which you can borrow against.
How much Life Insurance do I need?
The amount of life insurance you need depends on your personal and financial circumstances. Consider factors like your income, debts, dependents’ needs, and future obligations. Univista Insurance can help determine the right coverage amount for your situation.
How does Life Insurance work?
You pay regular premiums to the insurance company, and in return, they pay a death benefit to your beneficiaries when you pass away. The specifics, such as coverage amount and whether the policy accumulates cash value, depend on the type of policy you choose.
Is Life Insurance worth it?
Life insurance can be a valuable investment, especially if you have dependents or significant debts. It provides financial security for your loved ones and can also be a tool for financial planning. Univista Insurance can help assess if life insurance is suitable for your financial goals.
What is supplemental Life Insurance?
Supplemental life insurance is additional coverage that you can purchase on top of a basic life insurance policy. It often includes extra benefits like accidental death or critical illness coverage.
What Is cash value Life Insurance?
Cash value life insurance is a type of life insurance policy that includes a savings component, accumulating cash value over time from a portion of your premiums. You can use this cash value during your lifetime, borrowing against it or withdrawing from it under certain conditions.
Still have questions? Speak to a Univista Insurance expert now.
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