What is life insurance?
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.
Do I need life insurance?
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.
Life insurance can help your loved ones:
- Cover the rising cost of funeral expenses
- Replace lost wages or the value of your time (e.g., stay-at-home spouse)
- Pay off debt
- Provide for a college education
- Leave an inheritance
How much coverage do I need?
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.
What types of life insurance are there?
Most life insurance falls in two basic categories: term and permanent. Term lasts for a set period of time, and permanent lasts your entire life.
| 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 |
|
|
Which life insurance policy is right for me?
Which life policy is right for you depends on what you’re looking for. Our LifeTrek tool can help identify the level of life insurance protection you need, taking into account your finances and unique goals. Just answer a few questions.
Why choose term life insurance?
Term life insurance is perfect for anyone trying to save money today and keep their loved ones protected in the future. Whether you’re single, married with kids, approaching retirement, or anywhere in between, an active term life insurance policy protects whoever might be left with a financial burden. It’s also significantly less expensive than permanent life insurance.