Drawing on experience with such entities as JP Morgan Chase, Darin Pastor currently leads a Los Angeles-based financial firm that focuses on acquiring ownership stakes in companies. Darin Pastor holds several FINRA certifications and a life and health insurance license.
Life insurance is a wealth preservation tool designed to protect families from the sudden death of a breadwinner. A contract between an individual and an insurance company or financial institution, life insurance pays an agreed-upon sum of money to a designated beneficiary upon the death of the contract holder. Life insurance comes in many forms, with two of the most common being whole life and term insurance.
Whole life is permanent life insurance guaranteed to pay a benefit at any time. Available in several types, it often has both a cash value and a savings component in addition to offering insurance protection. As compared to term insurance, however, it is generally more expensive.
Term insurance, on the other hand, only guarantees benefits during a set period of time, usually 20 or 30 years. Term insurance plans do not have cash value, but they are useful when insurance protection is only needed for a certain period of time.