Life Insurance

How Life Insurance Works 

Life insurance is a contract between an individual and an insurance company. Generally, the individual pays regular premiums, and the insurance company may provide a death benefit to named beneficiaries upon the insured’s death. 

Several types of life insurance policies are available, each with its own features and benefits. Contact Karla’s Insurance Inc. in North Chesterfield, Virginia, for a personalized life insurance quote.  

Life Insurance Options 

There are many types of life insurance, each of which falls into one of the two following categories: 

• Term life insurance provides coverage for a specific period, typically 1, 5, 10, 15 or 20 years. The coverage automatically terminates if the insured person is alive when the policy term ends. Term life insurance policies are typically an affordable option. Insurers rely on health history and age to help determine premiums.  
• Permanent life insurance can remain in force until the insured person dies, regardless of their age when they attain it, so long as premiums are paid as agreed. Depending on the policy’s rules, there’s typically a cash value component in addition to the death benefit, which can be borrowed against while the insured is still alive or eventually cashed out.  

Mortgage Protection Insurance 

Mortgage protection insurance is designed to help cover your mortgage balance if you die before your home is paid off. This type of insurance can be a valuable tool for homeowners, ensuring their family’s home remains secure during challenging times. 

Universal Life Insurance 

Universal life insurance is permanent life insurance that includes investment savings and a death benefit. Policyholders can typically adjust their premiums and death benefits. Universal life insurance policies may also provide the potential for cash value growth over time. 

Guaranteed Life Insurance 

Guaranteed life insurance may provide coverage to individuals without requiring a medical exam. This type of policy can be beneficial for those with preexisting conditions who might otherwise have difficulty securing life insurance coverage. 

Contact Us 

Life insurance is a key component of financial planning that can help secure your financial future and that of your loved ones. Contact Karla’s Insurance Inc. to get help understanding your life insurance options.