Life Insurance

Life Insurance

Life Policies

Mlynarek Insurance



Facts about Life Insurance


Life insurance is like a security blanket for your family in the event of your death. It brings peace of mind to you because you know your family will be financially stable in your absence. They will have the money they need, although you are no longer able to bring an income into the home. The insurance money will also help pay for your funeral and burial expenses.

Anyone with a spouse or family needs life insurance. You do not want to leave your family struggling in the event of your death. They will have to keep living, keep paying bills, keep doing everything they did while you were alive - life insurance will make that easier for them. You might even want to invest money in a savings account into an insurance product to earn a better rate.

Life Insurance - How it Works

The policyholder pays a monthly or yearly premium for a specific type of life insurance policy. In return, the insurance company provides financial assistance to the policyholder’s family when the policyholder dies.

The policyholder chooses the death benefit amount based on their income. Their income is the amount of money the family will lose following their death. When the policyholder dies, the beneficiary or beneficiaries of the policy receive the death benefit amount. The money is there to use as necessary.

Types of Coverage

Term life insurance is the least expensive type of policy. If the policyholder dies while the policy is active, then the beneficiary receives the money. If the policyholder is alive when the policy expires, then coverage ends.

A whole life insurance policy lasts until the policyholder dies. Unlike with term life insurance, whole like insurance has no expiration date. As long as the policyholder keeps the premium paid, the policy remains active.

There is also a universal policy, which offers more flexibility in terms of premiums and benefits. Some policies even allow policyholders to borrow money from the policy.