Life insurance is about protection
Common uses for life insurance
Term or permanent life insurance?
*As long as required premium payments are timely made.
**Withdrawals and loans will reduce the cash value and death benefit of the policy.
Universal life insurance
Whole life insurance
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Life insurance trigger events to consider
Common questions about life insurance
Life insurance is a contract with an insurance company to purchase a lump sum payment (death benefit) to be dispersed to a beneficiary when the insured dies. The primary types of life insurance are whole (permanent lifetime coverage) and term (coverage for a certain number of years).
Life insurance works by providing a death benefit if the insured dies during the policy period. Permanent life policies offer lifetime coverage; term policies cover only a certain timeframe. In all cases, the value of the death benefit is designed to exceed the cost of the policy.
Life insurance policies vary significantly in price – from a few hundred to thousands of dollars – depending on a number of factors. The type of insurance purchased, amount of the death benefit, age and health of the insured, and options or riders all factor into cost.
Life insurance is purchased to pay off debts and/or provide financial security to loved ones after death. It's often used to cover funeral costs, replace income or pay off a mortgage. If your assets at death will not cover your expenses and you wish to care for others or leave a legacy, a life insurance policy can help.
Resources for you
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Protective® Classic Choice Term (ICC16-TL21 / TL-21) is a term life insurance policy issued by Protective Life Insurance Company, Birmingham AL. Premiums increase annually after the initial guaranteed premium period. Not available in New York. Policy form numbers, product features and availability may vary by state. Consult policy for benefits, riders, limitations, and exclusions. There are no cash values. Up to a two-year contestable and suicide period. Benefits adjusted for misstatements of age or sex. In Montana, unisex rates apply. Any quote that is present is only an estimate and the actual premium and rate class will be determined after the underwriting process is completed. Neither Protective Life nor its representatives offer legal or tax advice. You should consult your attorney or tax advisor regarding your individual situation. The Company cannot increase the premium scale. All payments and all guarantees are subject to the claims paying ability of Protective Life Insurance Company.