Life Insurance Expert Witnesses

Life insurance is a contract with an insurance company that in exchange for premium payments, provides a lump-sum payment known as a death benefit, to beneficiaries at the time of the insured’s death. There are three types of life insurance policies.

• Term life policies provide protection for a set time period, usually 10 to 20 years. The premium payment amount remains the same for the coverage period selected by the insured. After that period, coverage may be offered at a significantly higher period rate. Term life insurance is usually less expensive than permanent life insurance.
• Universal life insurance is a type of permanent life insurance. It provides lifetime coverage to the insured. It is a flexible policy that allows the insured to raise or lower their premium payments or coverage throughout their life. However, it generally has a higher premium than term life policies.
• Whole life insurance is permanent life insurance designed to give lifetime coverage to the insured. Premium amounts are fixed, and unlike term life policies, has a cash value, that function as a savings element that may accumulate, and is tax-deferred over time. Its premiums are usually higher than term life policies