01Term
Coverage for a set number of years
You choose a length, commonly 10, 15, 20, or 30 years, and a coverage amount. If you die during the term, the policy pays your beneficiaries. If the term ends first, the coverage ends.
Life insurance
Life insurance, without the sales pitch.
What a policy actually does, how term and whole life differ, how much coverage people buy, and what moves the price. Then get a quote when you are ready.
Two decisions, not twentyNearly every life insurance choice comes down to how much coverage you need and how long you need it. The product names, riders, and illustrations all sit downstream of those two answers.
Start here
Four pages that cover the whole decision.
02Whole
Coverage that does not expire
Permanent coverage with a level premium and a cash value that builds over time. It costs more per dollar of coverage than term, and it is designed to last your whole life.
03Compare
Which one fits your situation
Most families are choosing between a large term policy and a smaller permanent one. The deciding factors are what you are protecting, for how long, and what you can commit to paying.
04Quote
What a quote actually asks
Age, health history, tobacco use, the amount, and the length. Knowing what moves the number helps you read a quote instead of just receiving one.
The mechanics
What a policy does, in six sentences.
Life insurance is one of the simpler financial products once the vocabulary is stripped away. You are buying a promise to pay a specific amount to specific people at a moment when your income stops.
- You pay a premium, and in return the insurer pays a death benefit to the people you name as beneficiaries if you die while the policy is in force.
- You choose the coverage amount and, for term policies, the length. Both drive the premium along with your age and health.
- The death benefit is generally paid to beneficiaries free of federal income tax, which is one of the main reasons life insurance is structured the way it is.
- Beneficiaries can usually use the money for anything: a mortgage, day-to-day expenses, childcare, tuition, or final expenses. It is not restricted to any one purpose.
- Naming beneficiaries directly means the payout generally passes outside probate, which is why keeping those names current after a marriage, divorce, or birth matters.
- A policy stays in force as long as premiums are paid. Most policies include a grace period, and many offer a reinstatement option within a limited time after a lapse.
Who it is for
Coverage matters most when someone else is counting on you.
- Someone depends on your income, whether that is a partner, children, or a parent
- You have a mortgage or other debt that a co-signer or family member would inherit the burden of paying
- You are raising children and want childcare and education covered if you are not there
- You are a stay-at-home parent whose unpaid work would have to be replaced at real cost
- You own a business with a partner, a loan guarantee, or a key employee whose loss would strain it
- You want to leave money for final expenses so that a funeral is not paid for out of a savings account
Worth knowing
Four facts that shape most decisions.
- is the single biggest driver of what you pay
- Age
- years, the common term lengths sold
- 10 to 30
- death benefit to beneficiaries in most cases
- Tax-free
- typical contestability period after a policy is issued
- 2 years
Good to know
Common questions about life insurance.
How much coverage do people usually buy?
A common starting point is enough to replace your income for the years your family would need it, plus outstanding debts, the mortgage balance, expected education costs, and final expenses, minus savings and any coverage you already have. Some people use a multiple of annual income as a rough first pass and then refine it against those specifics.
Is the coverage through my job enough?
It is a good start and it is often free or cheap, but it has two limits worth knowing. The amount is usually a modest multiple of your salary, and the coverage generally ends when the job does, often at the moment your income does too. Many people carry an individual policy alongside group coverage for that reason.
Do I need a medical exam?
It depends on the policy and the amount. Fully underwritten policies typically involve health questions and often an exam, and they usually offer the lowest rates for healthy applicants. Simplified issue policies skip the exam and ask fewer questions, and guaranteed issue policies skip the health questions entirely, both at a higher price per dollar of coverage.
What can make an insurer decline or delay a policy?
Underwriting looks at age, health history, prescriptions, tobacco and nicotine use, family medical history, driving record, occupation, and hazardous hobbies. A recent diagnosis or a pending test result can lead an insurer to postpone rather than decline. Rules vary by insurer, which is why two companies can reach different decisions on the same application.
Does life insurance pay for any cause of death?
Generally yes, with limits set out in the policy. Most policies include a contestability period, commonly the first two years, during which the insurer can review the application for misstatements. Suicide is typically excluded for a similar initial period. Answering every application question completely and accurately is the best protection for your beneficiaries.
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See what coverage would look like for you.
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