A Premium is the amount you pay for your life insurance policy, usually on a monthly or annual basis. This payment goes toward your coverage and helps keep the policy active. Understanding premiums is crucial because they can vary based on factors like age, health, and the type of policy you choose.
When you pay your premium, you’re essentially purchasing peace of mind for yourself and your loved ones, ensuring that a death benefit will be available when needed. Different policies may have varying premium structures, so it’s important to compare options and understand what you’re paying for.