What Is Life Insurance?

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Life insurance is an agreement between a person and their insurance company. Find out what happens when a life insurance contract ends with help from a licensed insurance agent in this free video on life insurance.

Part of the Video Series: Life Insurance Options
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Video Transcript

Hi my name is Bill Rae. I'm a Licensed Life Agent and I've been in the business for well over 20 years. The question is what is life insurance? Boy sounds like a very simple question doesn't it? Let's be very very clear. Life insurance is nothing more than an agreement between you and a life insurance company. It is a contract where you agree to pay a certain amount of money for a certain amount of time for a specific action to occur. For instance let's say that you bought a ten year, $200,000 policy, strictly death, no accidental policy and your premiums were $50 a month, a little high but that's o'kay. You agree to pay $50 a month for the next ten years. If something happens to you, your family or your estate will receive that money from the insurance company. Under term insurance under that scenario at the end of ten years if you were alive, the contract for all intents and purposes would end unless you agree to continue on. My name is Bill Rae and I'm helping you build wealth.

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