Life insurance
* Most life insurance is structured with the maximum death benefit for the lowest premium.
* Some life insurance is sold as a tax avoidance device.
  * ' is money for your family to use to pay your bills and death expenses when you die. A person must be healthy to purchase a life insurance policy. Life insurance has different types of policies.
* acts as a financial safety net.
* begins after six months of employment.
* can adapt to most lifestyles and financial conditions
  - be a joint experience for spouses
* can be an advantageous way to give partners and family members peace of mind
  - important estate planning tool
  - inexpensive way to pay estate taxes and other expenses
* can help in a number of ways
  - keep their dreams alive when they die
  - lessen the strain on family finances
  - play an important role in the overall planning for college funding
* can provide financial safeguards in addition to death benefits
  - financing to buy out a partner's interests exactly when needed
  - policyholders with the opportunity for long-term cash accumulation
  - protection and income to ensure a rewarding retirement
* carries both term life and whole life insurances.
* comes in a lot of combinations and permutations.
* common way to fund special needs trusts.
* complex and often misunderstood financial vehicle
  - product that can be hard to evaluate and compare
* contract between an insurance company and the person holding the policy.
* contract that insures the life of an individual
  - pays money upon the death of the person insured
* covers employee, spouse, and dependents.
* falls into two general varieties, term and cash-value, also called whole life
  - major categories - term insurance and permanent insurance
* guaranteed gift.
* helps protect employees and their families from financial hardship in case of death.
* insures more than a life.
* is an essential financial product that plays a pivotal role in any financial plan.
* is an essential part of any financial plan
  - financial planning
  - the financial planning process
  - ideal financial vehicle since it matures at death
  - integral part of both personal and business financial planning
  - based upon salary
  - critically important for people who have dependents
* is designed to protect the family in the event of the death of a breadwinner
  - replace lost income
  - effective on the date of employment that an employee becomes eligible
  - equal to one year's salary
  - equivalent to employee's annual salary
  - exempt from death taxes
  - extremely important for small business owners
  - for the living
  - important in estate planning
  - insurance on human lives
* is often an ideal method of funding a buy-sell agreement
  - important part of an estate plan
  - the least costly, most flexible and simplest vehicle for making a gift
* is one of the cornerstones of financial planning
  - essential building blocks to gain financial security
  - most important businesses of any country
  - necessities of life
* is one way to effectively fund a business continuation plan
  - make a significant gift for a relatively small cost
  - paid upon the loss of the life of the insured
  - perhaps the most misunderstood product financial product in existence today
  - protection for the living
  - the most assignable of any type of insurance
* is the most common form of funding a buyout of a deceased owner
  - method of funding buy-sell agreements
  - segment where foreign companies are especially active
  - tool to provide income to beneficiaries of an insured who dies
  - type of insurance most directly connected to estate planning
  - unique in that it can be an effective tool for both protection and accumulation
  - unnecessary for children because no one is dependent on their income
  - used sometimes to replace the value of gifts given through charitable trusts
  - yet another aspect of many financial plans
* long-term commitment.
* major part of any family's financial protection.
* needs change over the life span, generally decreasing with age.
* pays a benefit when the insured dies
  - if a party dies during the time period covered by the insurance agreement
* plays a fundamental role in most of our plans for financial security.
* product purchased by someone who cares for someone else
  - that requires a trained professional to present it
  - used to replace the loss of income that occurs when someone dies
* protects against dying to soon or living too long
  - too soon or living too long
  - one's beneficiaries against one dying too young
* provides financial benefits to a designated person upon the death of the insured
  - protection for dependents in the event of death
  - funds to a designated beneficiary in the event of the policyholder's death
  - payment to a beneficiary or beneficiaries upon the death of an insured
  - protection against economic loss resulting from death
* risk management tool that has it's time and place
* serves many purposes in small to medium-sized estates.
* trap in estate planning.
* unique asset which is used to solve many of life s perplexing problems
  - way to give to charity
* way to make a significant gift.