What Does Life Insurance Mean?

  1. 3485 POINTS
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    J Scott BurkePRO
    President, Newbury Inc., Evansville, Indiana
    Life insurance is insurance that pays a lump sum of money to the person you select (called a beneficiary) when you die. It can be purchased to cover you for a limited period of time (term life insurance) or for the rest of your life (whole life insurance.) it's a beautiful thing.
    Answered on April 14, 2013
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  2. 271 POINTS
    Jossep Saggese
    Agent/Owner, JMS & Associates LLC, 12413 Bristol Lane Glen Allen VA 23059
    I believe life insurance is meant for the living. That's why they call it life insurance. There are two reasons for life insurance; one is to protect your assets, the other is to protect your family. Based on a discussion of needs, I would probably recommend a combination of both term and permanent insurance. I would use the term insurance to cover the assets such as houses, cars, boats for the life of the loan, and I would use use permanent insurance to cover an untimely passing of the breadwinners; to cover future expenses such as college for the kids and unexpected bills.
    Answered on May 4, 2015
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