The amount of money paid by the insurance company to your beneficiaries if you die.
Life insurance company / Carrier
Your height and weight, tobacco use, personal health, and family medical history indicate how likely you are to die. The more likely you are to die, the higher your risk class. You will pay more for life insurance if your risk class is higher.
Amount of money you pay the insurance company for your policy. Most people pay their premium monthly.
Questions & Answers
What is term life insurance?
What is a good age to buy life insurance?
Young couples may apply for life insurance policies to cover their major debt, should the breadwinner pass away.
A senior person may apply for life insurance to cover their burial expenses.
What is life insurance underwriting?
The underwriter's job is to determine if you are insurable, and if so, at what risk class.
The underwriter may review doctor notes, blood and urine analysis, etc, to determine your risk class.
How should you choose your beneficiary?
1. Determine who you want to help.
2. Review your beneficiaries often.