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Informative Speech On Life Insurance

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What is life insurance?
Life insurance is an agreement between you (the insured) and an insurer. Under the terms of a life insurance contract, the insurer promises to pay a certain sum to someone (a beneficiary) when you die, in exchange for your premium payments.

Why would you need life insurance?
The most common reason for buying life insurance is to replace the income lost when you die. For example, say that you work, and that your income is used to support yourself and your family. When you die, and your paychecks stop, the life insurance proceeds can be used to continue to support the family members you've left behind.

Another common use of life insurance proceeds is to pay off any debts you leave behind. For example, mortgages, car …show more content…

Under a buy-sell agreement, life insurance can be used to provide cash for the purchase of a deceased owner's interest in the business.

Finally, life insurance can be an investment vehicle. Some types of life insurance policies may actually make money for you, as well as provide the benefits described above. This can help you with long-term financial goals.

What do you need to know about life insurance?
You need to know that there are several kinds of policies that may be available to you, if you are healthy enough.

Term life insurance policies provide life insurance protection for a specific period of time or term. If you die during the coverage period, the beneficiary named in your policy receives the policy death benefit. If you don't die during the term, your beneficiary receives nothing.

Permanent insurance policies provide insurance protection for your entire life as long as the policy remains in force. In addition to the insurance protection provided, this type of policy also builds internal cash values, often described as a savings account within the policy.

Below is a list of the different kinds of permanent insurance policies:

Whole life
Ordinary level premium whole

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