What is "life insurance"?

What is "life insurance"?

Elliot Matloff (President and Broker, The Matloff Company) gives expert video advice on: How do I get life insurance?; How do I choose what type of life insurance is best for me?; I'm 25 years old. What kind of life insurance do I need and why? and more...

Life insurance is a policy or contract, between a life insurance company and you, the insured, so that if anything happens to your health and you die, a beneficiary that you name on that policy is going to be paid a lump sum of money. It could be $100,000, it could be $1,000,000. It's one of the nicest products that I sell because it's a love letter ultimately between two people. "Honey, if anything happens to me, here's $100,000. You may not even need the insurance. You may marry a multi-millionaire the next time but this amount of money is what I want to provide for you because I love you." It's basically a love letter between two people. Not always the situation but many times it is.