What is Life Insurance?
Life insurance is a contract that generally pays a death benefit to the named beneficiary when the insured person dies, provided the policy is in force and the claim is payable under its terms. Life insurance is separate from health, disability, and long-term care insurance. Any additional living benefits depend on the specific policy or optional riders.
How does it work?
Complete the quote request form to connect with a licensed insurance agent. The agent can explain available life insurance policies, answer questions, and help you compare options. Submitting a request does not guarantee eligibility, coverage, or a particular premium.
What is Life Insurance?
Life insurance products differ in coverage period, premium structure, underwriting, and cash-value features. The summaries below are general information only. Policy terms, exclusions, riders, and availability vary by insurer and state.
Term Life Insurance
Term life insurance provides a death benefit during a stated coverage period, such as 10, 20, or 30 years. It generally does not build cash value. Premiums may be level for a specified period or may change under the policy terms.
Whole Life Insurance
Whole life insurance is permanent life insurance designed to remain in force for the insured's lifetime when required premiums are paid. It generally provides a death benefit, uses a stated premium structure, and builds cash value according to the policy.
Universal Life Insurance
Universal life insurance is permanent life insurance with a death benefit and a cash-value component. Premium payments and the death benefit may be flexible within policy limits. The policy stays in force only if its requirements and insurance costs are met.
Variable Life Insurance
Variable life insurance is permanent life insurance with a death benefit and cash value allocated among investment options offered by the policy. Cash value and, in some policies, the death benefit may rise or fall with investment performance and are subject to fees and policy terms.
Simplified Issue Life Insurance
Simplified issue life insurance generally uses a shorter application and health questions instead of a full medical exam. Approval is not guaranteed, and coverage amounts, premiums, and underwriting requirements vary by insurer.
Guaranteed Issue Life Insurance
Guaranteed issue life insurance is generally a form of whole life insurance that does not require a medical exam or health questions. It may have age and coverage limits, higher premiums, and a graded death benefit during an initial period.
Group Life Insurance
Group life insurance provides life insurance coverage to eligible members of a group, often through an employer. Coverage is governed by the group policy and may end or change when eligibility or employment changes.
What is Final Expense?
Final expense insurance is generally a form of permanent life insurance with a smaller death benefit. Beneficiaries may use the death benefit for funeral and burial costs or other expenses. The policy does not directly pay or guarantee payment of any particular bill unless its terms state otherwise.
How does it work?
The policyowner pays premiums to keep the coverage in force. When the insured dies, the beneficiary may submit a claim to the insurance company. If the claim is payable under the policy, the insurer pays the death benefit to the beneficiary. Waiting periods, exclusions, and other limitations may apply.
How We Can Help
General information and support for your life insurance quote request.
- Review general life insurance options.
- Request a no-obligation quote.
- Speak with a licensed insurance agent.
- Ask questions about policy features, premiums, exclusions, and riders.
FAQs
Life insurance may be considered by people whose death could create a financial burden for others. Common considerations include income replacement, debts, housing costs, education needs, dependent care, and final expenses. Individual needs vary.
The amount depends on your goals, obligations, existing savings, other coverage, budget, and the people who depend on you. A licensed insurance agent can help you review these factors, but the final choice should reflect your circumstances and the policy terms.
Review the insurer, coverage period, death benefit, premium schedule, exclusions, riders, cash-value features, and surrender terms. Answer application questions accurately, read the policy carefully, and make premium payments to the insurance company through an authorized payment method.
Generally, a person or entity applying for insurance on someone else must have an insurable interest and satisfy applicable state law and insurer requirements. The insured person's knowledge or consent may also be required. Requirements vary by state and policy.
