Life insurance provides your family with money to pay your debt, mortgage, funeral expenses and more if you pass away. You pay your insurance company a premium, or bill. In return, your beneficiaries (the person/people you select) will receive the death benefit when you pass away. The death benefit is the amount of the policy.
In general, you pay your insurance company and in return, you get protection for the people you love if something happens to you. You can choose between term (good for a specific amount of time) or permanent life insurance (lifetime coverage).
The decision to purchase life insurance should be primarily based on a need for the death benefit. Life insurance policies are not an investment and are not appropriate as a replacement for retirement savings accumulation.
Life insurance policies issued by COUNTRY Life InsuranceCompany® and COUNTRY Investors Life Assurance Company®, Bloomington, Illinois.