Basic Life Insurance means life insurance provided to an Eligible Employee under a plan sponsored by the employee’s Company equal to 1 (or 1.5) times the employee’s "Base Pay" as defined under the life insurance plan in which the Eligible Employee participates.

Usually, any employee may participate in the group employer provided life insurance plan.

And, individual employees may be able to purchase additional increments of life insurance out of their own pocket, if they need more coverage.

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Level term life insurance is a type of term life policy that offers competitive pricing with rates guaranteed remain level for the entire duration of your life insurance policy.

In addition, the amount of life insurance provided by your level term policy remains level for the entire policy term.

Level term life is the most popular type of term plan and offers the lowest rates for life insurance coverage.

These level term plans provide coverage for a duration of 10, 15, 20, 25 or 30 years.

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Death benefit insurance is a type of life insurance that only provides a death benefit payout with no cash value inside your policy.

While permanent or whole life insurance may build cash value inside the policy, and provide a death benefit, term life insurance is death benefit only life insurance.

Term life is temporary life insurance lasting for a specific period of time.

If the insured person dies while the policy is In Force, the death benefit is paid out to the beneficiary of the insurance ...

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What is the definition of permanent life insurance?

Permanent life insurance is a type of life insurance policy that provides lifetime protection.

Your life insurance coverage will last for your entire lifetime, as long as you pay your premiums on time.

Permanent life insurance has two main features:

1. Death Benefit
   
2. Builds Cash Value

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It's a type of small life insurance policy providing lifetime protection which can be used to pay for your final expenses, including the cost of your funeral and burial.

Many burial insurance policies are offered with Guaranteed Approval, which means you cannot be turned down for a policy due to any health issues.

Several insurers offer burial expense life insurance policies including United of Omaha, Colonial Penn, AIG, MetLife, and Foresters, among others.

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Funeral insurance is a type of permanent life insurance plan that provides a limited amount of insurance to pay for your final expenses, including the cost of your funeral and burial.

Usually, these funeral plans are guaranteed issue, which means you will not have to take a health exam or answer any questions about your health.

Many funeral policies offer from $3,000 up to $20,000 of life insurance protection.

Approval for funeral plans may be guaranteed, but the age requirements for guaranteed ...

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How does life insurance work after you die?

Once you have passed away, your beneficiary would need to contact your life insurance company and make a claim on your policy in order to receive the death benefits from your insurance.

That's why it is so important to make sure you let your beneficiary know that you have life insurance, where the policy is located, and what to do once you've died, so they can get the proceeds from your life insurance.

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If you're buying a new home, or you have a home, you may be considering mortgage life insurance to pay off your outstanding mortgage should you pass away.

With mortgage term life insurance you can get affordable rates and the coverage you need to fit your specific mortgage.

With mortgage term life plans you select a duration of coverage (term) that matches your mortgage loan - 15, 20 or 30 years.

And, choose an amount of term life insurance that matches the amount you owe on your home loan mortg...

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What is a life insurance policy?

It's a contract between the insurance carrier and the owner of the life insurance policy.

How does a life insurance policy work?

The owner of the life insurance policy agrees to pay the insurer a premium each year for the insurance coverage. In return, the insurer agrees to pay a death benefit to the person chosen as beneficiary of the policy, upon the death of the person who is insured by the life insurance policy.

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Term life insurance is a type of temporary life insurance which lasts for a certain period of time.

Usually, term life policies provide coverage for a term (duration) of 10, 15, 20 or 30 years.

When the term ends, the life insurance coverage expires, you have no more life insurance.

The term life insurance does not end at a specific age, but the anniversary date of the end of the term for your policy.

When the term comes to an end, you may renew your policy for another term, or apply for a new li...
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Term life insurance will usually provide coverage as long as premiums are being paid.

Most Term life policies are annually renewable after the term of your policy ends. The prices are very high at renewal, but if you choose to pay them, you will still continue having life insurance coverage.

If your term life policy does not offer the renewable provision, your term policy will end when the years of the term have passed.

For Example: If you took out a 20 year Term life insura...

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