Life Insurance
Life Insurance 101
Final Expense
Final expense life insurance, also known as burial insurance or funeral expense insurance, is a policy that pays a death benefit to beneficiaries to cover end-of-life costs.
Whole Life
Whole life insurance is a type of permanent life insurance that provides coverage for the insured's entire life. It includes a death benefit that's paid out to the insured's family or estate when they pass away, as well as a cash value component that grows over time.
Term Life
Term life insurance is a contract between an insurance company and a policyholder that lasts for a set period of time, usually 10–30 years.
If the policyholder dies during the policy's active period, the insurance company pays a lump sum to the policyholder's beneficiaries.
Mortgage Protection
Mortgage protection insurance (MPI) is a type of life insurance that helps pay off a mortgage if the policyholder dies before it's fully paid off.
It's also sometimes called mortgage life insurance.
Universal Life
Universal life insurance (UL) is a permanent policy that can cover you for your lifetime as long as you pay your premiums. It's also known as adjustable life insurance or cash value life insurance because it includes a savings account that can grow over time. This savings component gives you more flexibility.
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Frequently Asked Questions
Do I Really Need Life Insurance?
If any of the following statements describe your situation, you should consider a life insurance policy:
Other people depend on my income: You don't have to be your family's primary wage earner – if people would feel economic hardship without you, they depend on your income. If you're single but planning to get married and have children in the next few years, your answer to this question should also be "Yes."
I have debts that others would be responsible for if I die: Do you have student loans that your parents will have to repay if you can't? A car, mortgage, business, or personal loan with co-signers? If so, a life insurance policy can keep you from burdening a loved one with thousands of dollars in debt payments.
I don't have enough savings or assets to cover all my obligations: Most individuals don't have enough saved to fully pay off their debts and support family members in their absence. So, if you're like most adults with financial obligations, you should consider buying life insurance.
How Much Coverage Do I Need?
Between the ages of 18 and 40, it multiplies current income by about 30; as you get older and have fewer working years left, that multiple decreases. Other rules of thumb to estimate how much coverage you need include:
Consider multiplying your income by 10: Take your annual salary and add a "0" at the end. So, $50,000 salary equals $500,000 of coverage, $75,000 equals $750,000, and so on.
Add college for each child: How much should you add? Account for somewhere between $100,000 and $150,000 per child. If you split the difference – and have two kids – that's an extra $250,000.
Debt: Total all your debts other than your mortgage.
Mortgage: Look at your last statement and get the payoff amount.
Do Life Insurance Policies Require A Physical Exam?
Many do, but not all. It may be in your best interest to get a medically underwritten policy - with a physical exam - if you qualify for it. Why? People in good health who don't smoke almost always get the lowest rates. If you are healthy you may be able to get a reduced monthly premium.
"Simplified issue" policies don't require a medical exam; "guaranteed issue" policies don't even ask any health questions. Either way, the insurer is taking a more significant risk – and has to charge higher rates – because without a medical evaluation, they have no real way of knowing your health status or verifying your medical history. Some people don't even realize they have a health problem, such as hypertension, until discovered in a life insurance exam.
Am I Too Late To Get Coverage?
Thankfully, it's never too late to purchase life insurance. Buying life insurance from certain insurers may be difficult depending on your age and health, but it's not impossible.
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