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The basics of life insurance

The basics of life insurance

课程: Financial Basics Everyone Should Know

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The basics of life insurance

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- [Instructor] There are two major types of life insurance, term life and whole life. Term life insurance is the simplest form of life insurance. It pays only if death occurs during the term of the policy, which is usually from 1-30 years. Basically, you buy term life insurance, say with a 10-year term. Then if you die in the next 10 years, the insurance pays out to your family. If you die in 15 years or 11 years or 20 years, the insurance does not pay. There are two basic types of term life insurance policies, level term and decreasing term. Level term means that the death benefit stays the same throughout the duration of the policy. Most of the term life insurance that people buy today is level term. Then there's that decreasing term, which means the death benefit drops usually in one year increments over the course of the policy's term. The alternative to term life is whole life. Whole life, which is sometimes called permanent insurance, pays a death benefit whenever you die, even…

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