Life Insurance
Covers the insured person’s life.
Our Blog
All you wanted to know about the insurance, but were embarrassed to ask
Why bother doing this at all? Few people think about the fact that if a person is gone, their salary is gone too. And what if an entire family depends on that salary? How long will the saved money last for the surviving spouse and children?
Life insurance helps address this issue. It provides financial protection for the family in case of the loss of a breadwinner. The policy can cover:
The policyholder is obligated to pay the insurance premium on time, and in return, the insurance company commits to paying a compensation upon the occurrence of an insured event. The compensation in life insurance is called the death benefit.
The policy holder designates a beneficiary or multiple beneficiaries. You’ve probably seen scenes in movies where an angry family patriarch threatens to disinherit his children if they don’t follow his wishes. Similarly, in life insurance, beneficiaries can be changed at any time, even daily, and they may not even know about it.
The policy owner and the insured can be the same person or different individuals. The key is that the arrangement must be justified at the time of signing the contract. For example, spouses can own each other’s policies, parents can insure their children, or children can insure their parents. It’s also not uncommon for grandparents to purchase savings-type life insurance policies for their grandchildren as a gift.
Life insurance helps address this issue. It provides financial protection for the family in case of the loss of a breadwinner. The policy can cover:
- Daily expenses: payment of bills, groceries, housing.
- Debts: mortgages, loans, to avoid leaving the family with financial burdens.
- Children’s future: education, extracurricular activities, ensuring their start in adult life.
- Financial cushion: so the surviving spouse can adapt to the new reality without immediate pressure.
The policyholder is obligated to pay the insurance premium on time, and in return, the insurance company commits to paying a compensation upon the occurrence of an insured event. The compensation in life insurance is called the death benefit.
The policy holder designates a beneficiary or multiple beneficiaries. You’ve probably seen scenes in movies where an angry family patriarch threatens to disinherit his children if they don’t follow his wishes. Similarly, in life insurance, beneficiaries can be changed at any time, even daily, and they may not even know about it.
The policy owner and the insured can be the same person or different individuals. The key is that the arrangement must be justified at the time of signing the contract. For example, spouses can own each other’s policies, parents can insure their children, or children can insure their parents. It’s also not uncommon for grandparents to purchase savings-type life insurance policies for their grandchildren as a gift.
Why bother doing this at all? Few people think about the fact that if a person is gone, their salary is gone too. And what if an entire family depends on that salary? How long will the saved money last for the surviving spouse and children?
Life insurance helps address this issue. It provides financial protection for the family in case of the loss of a breadwinner. The policy can cover:
The policyholder is obligated to pay the insurance premium on time, and in return, the insurance company commits to paying a compensation upon the occurrence of an insured event. The compensation in life insurance is called the death benefit.
The policy holder designates a beneficiary or multiple beneficiaries. You’ve probably seen scenes in movies where an angry family patriarch threatens to disinherit his children if they don’t follow his wishes. Similarly, in life insurance, beneficiaries can be changed at any time, even daily, and they may not even know about it.
The policy owner and the insured can be the same person or different individuals. The key is that the arrangement must be justified at the time of signing the contract. For example, spouses can own each other’s policies, parents can insure their children, or children can insure their parents. It’s also not uncommon for grandparents to purchase savings-type life insurance policies for their grandchildren as a gift.
Life insurance helps address this issue. It provides financial protection for the family in case of the loss of a breadwinner. The policy can cover:
- Daily expenses: payment of bills, groceries, housing.
- Debts: mortgages, loans, to avoid leaving the family with financial burdens.
- Children’s future: education, extracurricular activities, ensuring their start in adult life.
- Financial cushion: so the surviving spouse can adapt to the new reality without immediate pressure.
The policyholder is obligated to pay the insurance premium on time, and in return, the insurance company commits to paying a compensation upon the occurrence of an insured event. The compensation in life insurance is called the death benefit.
The policy holder designates a beneficiary or multiple beneficiaries. You’ve probably seen scenes in movies where an angry family patriarch threatens to disinherit his children if they don’t follow his wishes. Similarly, in life insurance, beneficiaries can be changed at any time, even daily, and they may not even know about it.
The policy owner and the insured can be the same person or different individuals. The key is that the arrangement must be justified at the time of signing the contract. For example, spouses can own each other’s policies, parents can insure their children, or children can insure their parents. It’s also not uncommon for grandparents to purchase savings-type life insurance policies for their grandchildren as a gift.
Types of Life Insurance
Life insurance primarily falls into two main categories: term and permanent. Term life insurance provides coverage for a specific period, while permanent life insurance offers lifetime coverage. Within these categories, there are various types such as whole life, universal life, variable life, and final expense insurance.
Here's a more detailed breakdown:
Here's a more detailed breakdown:
Life insurance primarily falls into two main categories: term and permanent. Term life insurance provides coverage for a specific period, while permanent life insurance offers lifetime coverage. Within these categories, there are various types such as whole life, universal life, variable life, and final expense insurance.
Here's a more detailed breakdown:
Here's a more detailed breakdown:
- Provides coverage for a set period, typically 10, 20, or 30 years.
- Offers the most affordable coverage for a given death benefit.
- Doesn't build cash value, so it's not designed for long-term savings.
Offers lifetime coverage as long as premiums are paid.
Can build cash value, which can be accessed while the policyholder is alive.
More expensive than term life insurance.
Types of Permanent Life Insurance:
Builds a guaranteed cash value that can be borrowed against or withdrawn.
Offers potential for higher cash value growth, but also carries more risk.
Offers the potential for higher cash value growth, but also carries more risk.
Offers the most flexibility but also the most risk.
Can build cash value, which can be accessed while the policyholder is alive.
More expensive than term life insurance.
Types of Permanent Life Insurance:
- Whole Life Insurance:
Builds a guaranteed cash value that can be borrowed against or withdrawn.
- Universal Life Insurance:
Offers potential for higher cash value growth, but also carries more risk.
- Variable Life Insurance:
Offers the potential for higher cash value growth, but also carries more risk.
- Variable Universal Life Insurance:
Offers the most flexibility but also the most risk.
- Final Expense Insurance:
- Group Life Insurance: Offered through employers, covering a group of people under one policy.
- Guaranteed Issue Life Insurance: Designed for people who may not qualify for traditional life insurance due to health conditions.
- Indexed Universal Life Insurance: A type of universal life where the cash value growth is tied to the performance of a stock market index.
Insurances we sell:
Contact us to check your eligibility
Important notice to our Customers
Please be aware that it is your—the Customer's—responsibility to know when your payments are due and to make those payments on time for any insurance policy you have purchased through us (the Agency). Nine Lives Agency is not responsible and will not be held accountable for any payments you may have missed (for any reason) and any policy that may have been cancelled by Provider or consequences thereof.
Please be aware that it is your—the Customer's—responsibility to know when your payments are due and to make those payments on time for any insurance policy you have purchased through us (the Agency). Nine Lives Agency is not responsible and will not be held accountable for any payments you may have missed (for any reason) and any policy that may have been cancelled by Provider or consequences thereof.