Life Insurance Law

Life insurance is a type of insurance available to those who want to make sure that in the event of his or her death their families are protected. Life insurance can be either whole life or term insurance. Whole life insurance provides coverage for a person regardless of the age he or she lives to be, as long as the policy remains active; whereas term life insurance offers coverage for a set number of years, which are specified in the policy. Whole life insurance may also act as an investment vehicle that can allow for an accruing cash value. When an individual dies, the death benefit, or specified amount of the life insurance policy that will go to beneficiaries, is paid to beneficiaries outside of the court system. There are a number of laws associated with the life insurance industry regarding who can be specified as a beneficiary and how the benefits can be transferred. To learn more about these rules and regulations and about life insurance law in general, visit the articles and answers to frequently asked questions in this section.