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Life Insurance 101

February 14, 20233 min read

“Insurance is a business built on relationships and service. We listen to our clients to understand what their individual needs are, and then we educate them on all the benefits available to ensure they get access to quality care while focusing on affordable outcomes.” - Tyler Rees, CEO - Innovative Financial Group

Life insurance is a type of insurance policy that pays out a sum of money to a designated beneficiary upon the death of the policyholder. The purpose of life insurance is to provide financial protection for the policyholder's loved ones in the event of their death so that they can continue to live comfortably and maintain their standard of living.

Types of Life Insurance

There are two main types of life insurance: term life insurance and permanent life insurance. Term life insurance provides coverage for a specific period of time, such as 10, 20, or 30 years. If the policyholder dies during the policy's term, the beneficiary will receive the death benefit. However, if the policyholder does not die during the policy's term, the policy will expire, and the beneficiary will not receive any benefits.

Permanent life insurance, also known as whole life insurance or universal life insurance, provides coverage for the policyholder's entire life. Permanent life insurance policies also have a savings component, which allows the policyholder to accumulate a cash value that can be borrowed against or withdrawn during their lifetime.

Consider Your Financial Goals

When shopping for life insurance, it is important to consider your financial needs and goals, as well as your budget. You will need to decide how much coverage you need and for how long, and you will need to compare the different types of policies available to determine the best fit for you.

It is also important to carefully review the terms and conditions of the policy, including the exclusions and limitations, to ensure that you understand exactly what is and is not covered. You should also consider the financial stability and ratings of the insurance company offering the policy, as you want to be sure that they will be able to pay out the death benefit if and when needed.

Life insurance can provide peace of mind and financial security for you and your loved ones. By carefully evaluating your needs and options, you can find a policy that meets your unique needs and helps protect your family's future.

Connect with a Licensed Agent

If you are interested in learning more about your options for Life insurance coverage, please call our Life Insurance Hotline at 1-888-249-4153. Our well-trained, experienced agents are ready to answer your Life coverage or health insurance questions and develop a comprehensive plan to fit your needs. 

Innovative Financial Group (IFG) is the ultimate insurance brokerage delivering customized solutions through a large platform of diverse insurance products and services. We support agents, brokers, and now carriers with an end-to-end solution for Medicare Supplemental, Life Insurance, and Retirement Planning. IFG was ranked #78 in 2022 by Inc. 5000 as one of the fastest-growing companies in America and #1 in the insurance industry.

Knowledgeable and accomplished, our professionals and staff support close to 10,000 independent agents, representing 50 + A-rated carriers who serve the needs of millions of clients annually.

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Tyler Rees

Tyler Rees is the Chief Executive Officer at Innovative Financial Group (IFG), one of the fastest-growing insurance platforms in the country. Tyler is the driving force behind IFG's successful business model, delivering end-to-end solutions to agents, clients, and carriers. Under his leadership, IFG has experienced unprecedented growth in the Medicare space with over 3,500 licensed Medicare agents, providing solutions to clients in all 50 states.

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A non-government entity powered by Innovative Financial Partners, LLC, a health insurance agency. We do not offer every plan available in your area. Currently we represent 6 carrier organizations which offer 2,352 products in your area. Please contact Medicare.gov, 1-800-MEDICARE, or your local State Health Insurance Program (SHIP) to get information on all of your options.

© 2024 Innovative Financial Group | All Rights Reserved | Terms & Privacy

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Home Office:

3147 S 17th Street, Suite 300

Wilmington, NC 28412

Local: 910-834-6410

Toll Free: 888-200-1777 | TTY 711

Office Hours: Monday - Friday

9 am to 5 pm, ET

Visit our Facebook Community:

Innovative & Friends

A non-government entity powered by Innovative Financial Partners, LLC, a health insurance agency. We do not offer every plan available in your area. Currently we represent 6 carrier organizations which offer 2,352 products in your area. Please contact Medicare.gov, 1-800-MEDICARE, or your local State Health Insurance Program (SHIP) to get information on all of your options.

© 2024 Innovative Financial Group | All Rights Reserved | Terms & Privacy