A life insurance policy is a contract between you and an insurance company. You agree to pay a regular premium. In return, the insurance company agrees to pay out a sum of money to your designated beneficiaries if you die before the policy’s term is up.
Depending on the type of life insurance you want, your policy may work differently.
Term Life Insurance: Your policy is for a specific term only, say 10 to 30 years, and your beneficiaries don’t receive any benefit if you outlive the set term. Your premiums can be level, increase, or decrease throughout the life of the policy.
The LeapLife search, available through Nuula, will look for Term Life Insurance quotes from top digital providers based on your needs, health history, and financial situation. If you are not matched with any Term Life quotes, you may be presented with Accidental Death Life Insurance quotes
Accidental Death Life Insurance: Similar to Term Life, your policy is for a specific term, but only pays a benefit in the event of accidental death, such as a traffic accident. In many cases, death from illness is not covered, so accidental death policies tend to be the least expensive option.