Protect your family with S&L Financial Group

 Life insurance is a financial product that provides a lump-sum payment, known as a death benefit, to beneficiaries upon the insured person's death. It serves as a form of financial protection for the insured's loved ones, helping to replace lost income, cover debts, and meet financial obligations after the insured's death. Here are the key components of life insurance: 

Types of Life Insurance:

• Term Life Insurance: Provides coverage for a specific period of time, such as 10, 20, or 30 years. If the insured dies during the term, the death benefit is paid out to the beneficiaries. Term life insurance is typically more affordable than permanent life insurance.

• Permanent Life Insurance: Provides coverage for the insured's entire life, as long as premiums are paid. Permanent life insurance includes various types such as whole life, universal life, and variable life insurance. These policies often have a cash value component that grows over time and can be accessed by the policyholder during their lifetime.