Life insurance can be complex, however you can break down life insurance into simpler components. In this video I discuss what is life insurance and how life insurance works. I cover the history of life insurance, who should buy life insurance, how you get life insurance, how much life insurance costs, and what to do if you would like to get a term life insurance policy. Fill out the quote form below this video to get a life insurance quote or compare life insurance rates.
Liran: Hi. This is Liran Hirschkorn from Chooseterm.com. In this video I'm going to talk to you about what is life insurance and exactly how it works. So let's take a quick look at life insurance history.
Life insurance has been around for over 200 years. The first insurance company in the U.S. was formed in 1732 and started selling life insurance in the late 1760's. So how does life insurance work?
Life insurance provides a death benefit, basically money, to your chosen beneficiary. So you choose somebody who you want to get a benefit, a dollar amount, when you pass, when you die, and that's what life insurance does. It's there to repay debt, replace income. It's there for burial expenses.
It's there to have money when you pass. In exchange for that death benefit, we pay a premium, which is money that you pay to the insurance company, either annually, monthly, semi-annually or quarterly in return for having a death benefit, for having life insurance you pay a monthly premium, and you get life insurance by applying, and of course, getting approved.
So who should buy life insurance? Well, if somebody relies on you, a spouse, kids, partner, relies on you for income, you should have life insurance. A stay-at-home mom who takes care of children should have life insurance because the husband or partner or anybody else in that family would now need to hire somebody to take care of kids, so a stay-at-home mom should have life insurance. And anyone wanting to pay off debt or loans of debt so we often don't think of college students as ones that should have life insurance, but if you have student loans and they're co-signed, especially by family, a parent, then you want to have life insurance so that those loans can be paid off if something were to happen to you. And anyone wanting to provide for funeral expenses at death. So, funerals are not cheap and can cost upwards of 10, 15, 20 thousand dollars or more, and so a life insurance policy can pay those expenses at death.
So how do you get life insurance? You can get a life insurance quote by visiting our website, choose term. com., and we can help you with life insurance. You would fill out an application, get a medical exam if it's required, and then hopefully get approved and you pay your monthly premium and you get a life insurance policy.
What's the cost of life insurance? Well, the cost depends on the type of insurance you buy. I'm not going to get into the types in this video, but term universal or whole life. Term is the most cost-effective way to buy life insurance. And the amount of coverage you get, your age, lifestyle, health, driving history, family history, are all factors that are going to determine the cost of life insurance.
So what do we do next? You can visit our website, fill out our quote form and we can help you get a life insurance quote and get started with your life insurance policy. Thank you.
Author: Liran Hirschkorn