An insurance policy is a legally binding contract between an insurance company and the person who buys the policy. In exchange for payment of a specified sum of money, called the “premium,” the insurance company agrees to pay for certain types of loss or damage as specified by the contract. When a loss occurs which meets all of the requirements described by the terms of an insurance policy, the loss is said to be “covered” by that policy.

There are 3 main types of life insurance:

1. Term life
2. Whole life
3. Variable life.

In Virginia you can buy a new simple term life insurance for $150,000.00, and “no medical exam required” for up to $300,000.00, in about 15 minutes. You can get same day coverage if you answer some simple medical questions and you can apply on line, hassle free.