There’s a lot to think about if you’re first choosing an life insurance plan. But when you work with Instant Health, you can explore plans that account for your most important medical concerns.
The death benefit is a tax-free amount paid to beneficiaries when the policyholder dies.
Premiums are regular payments that keep your policy active and ensure the death benefit is paid.
Some policies build tax-deferred cash value for use while alive, but it ends at death.
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Term life insurance is a cost-effective option that provides coverage for a set period—typically 10, 20, or 30 years. If the insured dies during that time, the death benefit is paid to the beneficiaries. It’s a popular choice for young adults seeking affordable protection.
Permanent life insurance offers lifelong coverage and includes a cash value component. Common types include whole life, universal life, and variable life insurance.
Choosing between term and permanent life insurance depends on your budget, coverage needs, and financial goals. Term life is ideal for affordable, short-term protection, while permanent life costs more but provides lifelong coverage and builds cash value.
In most cases, life insurance death benefits are paid to beneficiaries tax-free. However, if the policy includes a growing cash value, any interest earned may be subject to taxes when withdrawn.
Some life insurance types, like whole life or universal life, include a cash value component that can grow over time and serve as an investment. However, these policies usually come with higher premiums compared to term life insurance.
