Today’s guest is an insurance expert Yonas Tekle. Yonas is going to help us understand the different types insurance products, why we need them and how it fits into our financial planning.
A life insurance policy is a contract with an insurance company. In exchange for premium payments, the insurance company provides a lump-sum payment, known as a death benefit, to beneficiaries upon the insured’s death. Typically, life insurance is chosen based on the needs and goals of the owner.
Term life insurance is life insurance that provides coverage at a fixed rate of payments for a limited period of time. After that period expires, coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage.
Disability insurance offers income protection to individuals who become disabled for a long period of time, and as a result can no longer work during that time period.
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