What Is Insurance?

Life Insurance


Life insurance is insurance that pays out a sum of money after a person’s death or after a certain length of time. This money helps to cover unpaid debt, funeral costs and to provide money to families after a wage-earner’s passing.



Term Life Insurance: With term life, you get insurance for a specific amount of time (usually 5 to 30 years) and your costs typically remain the same year to year. However, those premiums usually go up after the term and can make renewing difficult for some.


Whole Life Insurance: Whole life gives you a fixed premium throughout your life and the policy will accumulate “cash value” that you can use for other expenses. You can get whole life from the start, or often your provider will let you convert your term life into whole life without undergoing a second medical exam.


Death Benefit: This is what is paid out to your beneficiaries upon your death.


Beneficiary: The person who receives the death benefit pay out. You can have more than one beneficiary.


Riders: These are benefits that you can add to your policy such as waiving your premium should you be disabled and unable to work.


If you’re still struggling to choose a health or life insurance plan, contact the experts at Arbor Creek Financial. When you call us, our trained representatives will walk you through all your insurance options. We’re well versed in each of our insurance offerings and will ensure that you get the plan that works for you and your loved ones. Contact our offices in Fort Wayne, Indiana today at 1-866-462-6526.