Life insurance primarily provides financial protection to beneficiaries in case of the policyholder's death.
Term life insurance provides coverage for a specified period, such as 10, 20, or 30 years.
Whole life insurance includes fixed premiums and builds cash value over time.
Health insurance helps cover the cost of medical expenses such as doctor visits, hospital stays, and prescriptions.
Disability insurance provides income replacement if the insured is unable to work due to illness or injury.
Advertisement
Long-term care insurance covers costs associated with extended care in a nursing home, assisted living facility, or at home.
A deductible is the amount the policyholder must pay out of pocket before the insurance coverage kicks in.
Universal life insurance offers flexibility in adjusting the death benefit and premium payments.
Determining the amount of life insurance coverage involves considering the beneficiaries' income replacement needs and financial obligations.
Auto insurance provides coverage for property damage and liability in the event of an auto accident.
Advertisement
Regularly reviewing insurance policies helps ensure that coverage aligns with any changes in an individual's needs and circumstances.
