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.
Why 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.
Types of life insurance offered
Three common types of life insurance:
Term life insurance: This type of life insurance provides coverage for a specific period of time, or "term," such as 10, 20, or 30 years. It is generally the most affordable type of life insurance and is a good option for people who only need coverage for a specific period of time, such as until their children are grown or until their mortgage is paid off.
Whole life insurance: This type of life insurance provides coverage for the entirety of your life, as long as you continue to pay the premiums. It also includes a savings component, which allows you to accumulate cash value that you can borrow against or withdraw. Whole life insurance is generally more expensive than term life insurance but can be a good option for people who want lifelong protection and the ability to build cash value.
Universal life insurance: This type of life insurance is similar to whole life insurance, but it offers more flexibility in terms of premium payments and cash value accumulation. It allows you to adjust your premiums and death benefit, subject to certain limits, and it typically has a higher cash value growth potential than whole life insurance. Universal life insurance is generally more expensive than term life insurance but can be a good option for people who want lifelong protection and the ability to customize their policy.