Life Insurance is a contract between you and an insurance company. You agree to pay premiums in exchange for the company’s promise to pay a certain amount of money to your beneficiaries if you die while the policy is in force.

Life insurance can provide financial protection for your family in the event of your death. Typical policies will pay out a lump sum benefit, or a series of payments over time, depending on the type of policy you purchase.

Life insurance can be used in several ways. It can be used as a safety net for emergencies like medical bills or funeral costs. It can also be used as an investment vehicle for retirement savings, estate planning or college funding.

Life insurance is one of the most important financial instruments, which allows you to protect your family from financial loss in case of your untimely death. Life insurance provides them with financial security and peace of mind during this difficult time.

Life insurance is important for anyone who has people who depend on them financially. If you are the sole breadwinner for your family, or if there are other people who depend on your income, then life insurance can be a valuable asset when it comes to protecting yourself and your family.

Life insurance policies can be divided into three broad categories:.

• Term life insurance is low-cost protection against premature death. Term life insurance coverage lasts only for a set period of time, such as 10 years or until the insured person reaches age 65, whichever comes first.
• Universal Life Insurance: Universal Life Insurance provides you with  two things:-  Life Insurance and  Tax saving Investment while providing you with flexibility and security.
• Permanent provides permanent protection at low cost.  Life Insurance also known as cash value policies because they have an investment component that builds cash value over time and earns interest tax deferred inside the policy.

How much coverage do you need?

• To calculate the coverage you need we need to consider the following:
  • • Your income
    • Net worth
    • Family needs
    • Debt
    • Other insurance you have.
• How much Does it cost?
  • There many factors than determine the cost of policy including:
    • Age
    • Health
    • Gender
    • occupation

Different types of life insurance policies have different uses, so it’s important to get the right one for your needs. At Arts of Finance we’re here to help with any questions about our many different types of life insurance products; including term life insurance policies and whole life policies.