How much do we have to pay monthly for a life insurance policy?
How much is the pay off, and for how many years does it cover me?
Life insurance covers the person who is insured under the policy. If the insured person dies, the death benefit is paid out to the beneficiary of the life insurance policy.
The beneficiary is chosen by the owner of the life insurance.
The owner is the person who pays the premiums for the life insurance policy.
How long the life insurance covers you depends on the type of life insurance plan.
Permanent life insurance provides lifetime coverage.
Whereas, term life insurance is temporary coverage for a set period of time, usually up to 30 years, or until you reach a certain age, like 65 or 70.
How much the policy pays out depends on the amount of life insurance you buy. If you buy $250,000 life insurance policy, the $250,000 death benefit would be paid out if the insured person dies, subject to any exclusions in the policy.
How much you pay monthly for the life insurance depends on the type of life insurance, how much you buy, and your own personal risk factors, such as, your age, health, occupation, hobbies, if you smoke, etc.
Term life insurance cost a lot less than permanent life insurance, which means you can afford to buy a lot more life insurance protection by choosing a term life policy.
Here's some more Life Insurance Frequently Asked Questions and Answers for you to learn more about life insurance.