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Life Insurance

How it works, why you should consider it, and how to get a quote.
 
What ‘s life insurance? First and foremost, it’s a way to protect your family and those who depend on you for financial support. It can provide a large, income tax-free payout to help them carry on if you pass away unexpectedly — and some policies have features that can help you build family assets.
 

Who’s life insurance for?

If you have loved ones who depend on you for support — financial or otherwise — buying life insurance is one of the best ways to help ensure they’re provided for. It can also help build and pass on family wealth and assets.

What does life insurance cover?

It’s insurance that provides a death benefit if the policyholder passes away while the policy is in effect. It’s almost always paid out as an income tax-free lump sum and can be quite significant — enough to replace several years of lost income.

Why should I consider life insurance?

Life insurance can do more than provide income replacement for your dependents — it can be used to help build tax-efficient family assets, help assure the continuity of your business if you pass away, or even pay for final expenses.

The Basics

 

What are the three main types of life insurance?

 
Term life insurance

It’s easy to get a quote and buy term covreage, and it’s typically more cost-effective than permanent whole or universal life insurance. However, coverage lasts for a limited time, and when your term ends, you’re no longer protected – you either have to apply for a new policy at a higher cost (because you’re older) or go without. You may be able to get a policy through your employer  at a budget-friendly group rate.

Whole life insurance

This is permanent life insurnce coverage that can provide guranteed protection for the rest of your life. A whole life policy offers a guranteed death benefit, along with cash value than can be used for policy loans or tapped into in other ways. Whole life policies don’t expire as long as your regular premiums are paid. Policies from a mutual life insurance company (such as Guardian) may provide dividends, which can further build cash value.

Universal life insurance
Like whole life insurance, this type of ploicy provides permament protection generates cash value that can help protect your financial future. However, universal life insurance can give te option adjusting our payments amounts within specific range, and these flexible premium can help you better deal with changing circumstances.

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When do people get life insurance?

There’s no time like the present to have financial protection for those who depend on you. The younger you are, the more cost-efficient your premiums, and the more life insurance options you’ll have. There are lots of reasons to buy a policy: Maybe you’re changing jobs and lost your coverage through work. Or you’re starting a business. Or, as a caretaker for a spouse or aging parents, you want them to have added financial protection. But many people wait until a significant life event to get coverage.

 

Three of the biggest reasons to get life insurance include:

Getting Married

Having A Baby

Buying A New Home

How much do you need?
Get an estimate.

How much life insurance coverage you need depends on your stage of life and how many people rely on your income. We’re here to support you during these important life decisions. Our quote tool can give you a quick estimate based on certain assumptions related to your age and income. In general, the younger you are, and the more people depend on you, the more coverage you may want for income replacement if you unexpectedly pass away.

Three ways to get life insurance coverage

At work

Your employer may offer life insurance as an employee benefit at lower group rates. Employer-provided life insurance is a great option that’s simple to buy — enrolling typically requires little more than signing a form. You may not even have to take a medical exam. However, the coverage amount offered may be limited, but if you want more protection, other options are available.

Online

If you don’t have workplace coverage — or want to supplement it — it’s easy to shop for term life coverage online. Many companies, including ours, make it simple by giving you instant online quotes. On the other hand, permanent whole or universal coverage that builds cash value may be harder to find online because these policies should be tailored to your individual needs.

Or, consider talking to a financial professional

If you’re unsure what kind of protection is best for you, working with a financial professional who can tell you about the options that best fit your goals is a good idea. If you have someone you trust, ask them about life insurance. Otherwise, We can connect you with a financial professional to help you find the right coverage.

FAQ

How much does life insurance cost per month on average?
According to NerdWallet, a life insurance policy in August 2024 could range from $28 (for a non-smoker) to $122 (for a smoker) per month for a 40-year-old male buying a 20-year term policy with a $500,000 death benefit, which is a common type of policy.2 But it's important to remember that when you get a quote, the rate is affected by many variables, including the life insurance company, policy type, coverage amount, length of term, gender, health status, and other factors. For example, a permanent whole or universal life insurance policy will cost significantly more because it provides lifelong protection and builds tax-efficient cash value that can be accessed while you are still alive.
At what age should you get life insurance?
A life insurance policy can help provide financial protection at any age, and it is especially important for adults with financial obligations and dependents. Consider getting life insurance sooner rather than later because, generally speaking, the younger and healthier you are when you purchase life insurance, the lower your rates will be. As you age and your financial picture changes, life insurance can provide additional benefits. For example, permanent life policies are often used for estate planning to help simplify the transfer of generational assets. There can be certain tax benefits as well, but you should always consult with a tax professional before purchasing life insurance for this purpose.
Can I have more than one life insurance policy?
Yes, many people have life insurance coverage from more than one source. For example, if you have group life insurance coverage through work, the coverage amount may not meet your life insurance needs, so you can supplement it with an individual policy. Or perhaps you have permanent insurance that provides lifetime coverage while building cash value but has a limited death benefit for your family. You can choose to get an additional term life insurance policy that can help provide a significant income tax-free death benefit while your children are still growing up.
Are life insurance policies taxable?
Life insurance death benefits are almost always income tax-free. The cash value growth of a universal or whole life insurance policy is also tax-deferred, so it can grow faster because it's not being reduced by taxes each year.
What is the best life insurance policy?
The best policy for you depends on your needs and budget. If you're looking for lifelong insurance protection that also provides cash value, there are two main options: whole life and universal life. A whole life policy offers level premiums and more guarantees, but a universal life policy can be more cost-efficient because it offers variable premiums that you can raise or lower within a certain range. The insurance company may also let you customize your policy with various provisions, such as an accelerated death (or “life”) benefit rider to pay for end-of-life needs and even certain kinds of long-term care. If you don't need permanent coverage or cash value, which can provide benefits such as policy loans, term life insurance coverage costs will generally be lower.
Is life insurance worth getting?
If you have loved ones who depend on you for income, life insurance is one of the best ways to help provide for their financial needs if you die unexpectedly. Life insurance companies also have specialized policies for customers with varying incomes and other needs, such as high-net-worth individuals looking to transfer assets more easily without incurring added estate taxes (you should always consult a professional for tax advice first). On the other hand, if you have no financial dependents or heirs you wish to provide for, life insurance may not be a priority, although you can leave your life insurance to a cause you care about.
What are the three main times of life insurance?
The three main kinds of life insurance are: 1. Term life insurance: This type of insurance provides coverage for a specific period, usually ranging from 10 to 30 years. It is often referred to as "pure life insurance" because it does not have a cash value component. The policy pays a death benefit only if the insured dies during the term. It is generally the most affordable type of life insurance. 2. Whole life insurance: This type of permanent life insurance provides lifetime coverage and includes a cash value component. The premiums are fixed, and the policy accumulates cash value over time, which can be used in various ways while you are living. Because it offers cash value and lifetime coverage, whole life insurance is more expensive than term life insurance. Universal life insurance: Another form of permanent life insurance that builds cash value, universal life offers more flexibility than whole life insurance by allowing policyholders to adjust their premiums and death benefits.
How much is $100,000 in life insurance in a month?
Rates vary greatly depending on the type of policy you get, your age, health, smoking status and other factors. As an example, according to Forbes, a $100,000 10-year term policy for a healthy 30 year-old woman can cost as little as $10 per month; a 75 year-old male can expect to pay an average of $145 per month, assuming he can find coverage.10 With such a broad range of average life insurance costs, the best way to estimate how much you will actually pay for coverage is by using a life insurance calculator.