Life insurance is an agreement between a policyholder and an insurance company. The purpose of life insurance is to offer financial support to a person’s loved one after their death. However, certain types of life insurance also act as an investment since they create money value and act as a financial asset while the policyholder is still alive. When combined with other investments, estate planning, and retirement plans, life insurance is a crucial financial plan. So, if you are a Georgia resident, Odico Group LLC Life Insurance is a perfect insurer for you. Additionally, before purchasing a life insurance policy, you need to explore which option best suits your needs.
Term Life Insurance
Generally, terms life insurance coverage are less complicated than whole life insurance coverage. They cover the policyholder for a specific period. After that, the policyholder can stop paying premiums, and the coverage expires. Term life insurance is more affordable since it has few whistles and bells. If the policyholder dies during the term, the beneficiaries receive a death benefit.
If the policyholder lives more than the term, the insurance company doesn't pay anything. Although term insurance can be canceled without losing its value, when it expires, the coverage also expires. If a person still requires a life insurance policy, they will be required to convert their policy into a type of whole life insurance or purchase a new life insurance policy.
Whole Life Insurance
This life insurance coverage is also referred to as permanent life insurance. A policyholder is required to pay for whole life if they opt for permanent life insurance. When the policyholder dies, their beneficiaries receive a death benefit. Beneficiaries receive the death benefit whenever the policyholder dies since whole life insurance doesn’t have a specific term. There are many forms of permanent life insurance, and several have a money value element that increases as the premiums are paid.
Are you a Georgia resident and looking for a life insurance policy that suits your needs? At Odico Group LLC Life Insurance, we have a solution for you. We offer affordable and ideal life insurance coverage that best suits your needs. Contact us today for more information.