Life insurance is a way you can protect your family and loved ones, even after you pass away. Rather than leaving your family with existing debt, funeral expenses and other everyday costs, they’ll receive a tax-free death benefit or payout. This can provide financial security and stability. With a life insurance policy, you’re prepared for the worst but can plan for the best.
Life insurance is a type of insurance that provides financial protection to your loved ones in the event of your death. It is a contract between the policyholder and the insurer, where the policyholder pays premiums to the insurer in exchange for a sum of money their death.
Just about everyone can benefit from some level of life insurance protection for their loved ones. You might be just starting out, raising a family, or preparing for your golden years—as long as you have loved ones you want to protect if you pass away, life insurance can help. The key is finding a policy that fits you. Whether you’re looking for a lot of coverage or just the basics, we have a policy for what you need.
Cover the rising cost of funeral expenses
Replace lost wages or the value of your time (e.g., stay-at-home spouse)
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A good starting place for determining how much coverage you need is to add up any financial responsibilities your loved ones would be left with. That could include the cost of a funeral, childcare, a mortgage, college education, outstanding debts or other everyday expenses. Your coverage amounts should account for things you currently pay for or know you will be paying for in the future.
Without enough coverage, your family might be left with large, unexpected financial burdens. Our coverage calculator can help you land on an estimate to ensure they’re protected.
Find the right coverageMost life insurance falls in two basic categories: term and permanent. Term lasts for a set period of time, and permanent lasts your entire life.
| Insurance | Term life | Permanent life |
|---|---|---|
| Cost | As low as $10/mo | Price varies |
| Coverage term | 10-40 years | Your entire life |
| In-person medical exam | Sometimes required | Sometimes required |
| Other benefits that may be available |
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What you pay for life insurance is affected by a lot of factors. Some of those factors are related to you, others are related to the world around you.
Age: Generally, the younger you are when you buy your policy, the lower your premium will be.
Term vs. Permanent: Term policies are significantly less expensive than permanent plans.
Length of term: Term policies are available in 10- to 40-year term lengths.
Coverage amount: A policy with a larger death benefit amount will naturally cost more than a similar policy with a smaller benefit amount.
Health history: Things like your current health, health history and family medical history all shape your price.
Lifestyle: Smoking or high-risk hobbies often lead to higher premiums.
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