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Tyndall

  • 1617 Main St.
  • P.O. Box 276
  • Tyndall, SD 57066
  • (605) 589-3572

Tabor

  • 108 S. Lidice St.
  • P.O. Box 206
  • Tabor, SD 57063
  • (605) 463-2558

Springfield

  • 807 8th St.
  • P.O. Box 609
  • Springfield, SD 57062
  • (605) 589-3572

Yankton

  • 904 W. 23rd St.
  • Ste. 103
  • Yankton, SD 57078
  • (605) 665-3572

Tea

  • 910 N. Main Ave. Ste. 103
  • P.O. Box 397
  • Tea, SD 57064
  • (605) 213-3572

Life Insurance Policies

Frequently Asked Questions on Life Insurance


How Does Life Insurance Work?

Insurance that pays out a sum of money either on the death of the insured person or after a set period. Life insurance (or life assurance, especially in the Commonwealth), is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy holder).

Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policy holder typically pays a premium, either regularly or as one lump sum. Other expenses (such as funeral expenses) can also be included in the benefits.

What Is Coverage Like for Life Insurance Policy?

Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; common examples are claims relating to suicide, fraud, war, riot, and. civil commotion.

Life-based contracts tend to fall into two maior cateqories:

  • Term Insurance - Low cost insurance that generates no cash value. Many Term products offer a 10, 20, or 30 year level Term premiums.
  • Permanent Insurance - Usually generates a cash value and is intended to last until death.

The goal of life insurance is to provide a measure of financial security for your family after you die. So, before purchasing a life insurance policy, you should consider your financial situation and the standard of living you want to maintain for your dependents or survivors.



Get A Life Insurance Quote from Koch Insurance

To see how our life insurance policies can help your family be secure, please contact us for a free quote. Koch Insurance agencies are located throughout South Dakota, with office locations in Tea, Tyndall, Tabor, Springfield, and Yankton. We'll provide you with all the information you need to make an informed decision on your family safety.

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