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What kinds of life insurance are there? |
Term Life Insurance
Term life insurance policies provide life insurance protection for a specific period of time or term. If you die during the coverage period, the beneficiary named in your policy receives the policy death benefit. If you don't die during the term, your beneficiary receives nothing.
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Whole Life Insurance
To learn more about Whole Life Insurance, please contact a Financial Consultant at 866-736-6475.
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How would I use life insurance?
- Income replacement
The most common reason for buying life insurance is to replace the income lost when you die. For example, when you die, and your paychecks stop, the life insurance proceeds can be used to continue to support your family members. Such support is needed to pay bills, pay for college education, etc.
- Debt payments
Another common use of life insurance proceeds is to pay off debts. For example, mortgages, car loans, and medical bills are often left unpaid when someone dies. These obligations must be paid from the assets left behind. This can exhaust the resources that your family needs. Life insurance can be used to pay off debts, leaving your other assets for your family to use.
Find out more about why you should have life insurance.
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NOT FDIC INSURED
NO BANK GUARANTEE | NOT A DEPOSIT
NOT INSURED BY ANY FEDERAL GOVERNMENT ENTITY |
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Products are offered through Sovereign's Insurance affiliate, Santander Insurance Agency, US, LLC, 75 State Street, Boston, MA, 02109. Santander Insurance Agency, US, LLC, or another Sovereign affiliate, may be paid commissions or other compensation for services provided in connection with this offer of insurance.
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Equal Housing Lender
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