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What is a Life Insurance Premium and How Does it Work?

Whether you’re buying life insurance for the first time or want to review your policy, learning how life insurance premium payments work is essential to finding the right coverage and making it an important part of your budgeting plans.
Fact Checked

Updated: 19 May 2024

A life insurance premium is the amount of money you pay, in advance, to the life insurance company so they will take on the risk of providing you with protection should something happen to you, for example, death, disability or illness, depending on the policy type you purchase.

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