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Our underwriting experts will match you with the right insurance company and ensure you get the best possible price on your policy. Got offered a lower price elsewhere? Let us try to beat it.

How does it work?

Our underwriting experts will match you with the right insurance company and ensure you get the best possible price on your policy. Got offered a lower price elsewhere? Let us try to beat it.

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Life insurance basics

Choosing a life insurance policy

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Choose the best life insurance policy based on how many years you want your policy to last (the term) and the coverage amount that you want to be paid out if you die (the death benefit).

Buying life insurance

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You pay for your life insurance policy with monthly or annual premium payments. You can compare quotes from multiple life insurers first to see the different rates and requirements they may have. Learn more about buying life insurance.

Filing life insurance claims

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If you die while your term life insurance policy is active, your beneficiaries can file a claim and the death benefit will be paid out to them. Learn more about filing life insurance claims.

Comparing types of life insurance

Life insurance feature Term Life Insurance Whole Life Insurance Universal Life Insurance
Does it expire?YesNoNo
Does it have a cash value?NoYesYes
Average Monthly Cost$25-355-15x more than termVaries; similar to whole

Permanent life insurance, like whole and universal, can be good for complex financial situations, such as paying estate taxes. Term life insurance is the right choice for most shoppers because it’s cheaper and more straightforward.

And there are even more types of life insurance, each with benefits, drawbacks, and unique properties. Talk to an expert before choosing a more complex policy – a term life policy will work best in most cases.

Why trust Policygenius?

What are life insurance rates?

Comparing monthly life insurance rates*

Coverage Amount Age 30 Age 35 Age 40 Age 45
$250,000$17.85/mo$19.05/mo$24.32/mo$35.54/mo
$500,000$28.73/mo$30.67/mo$41.02/mo$60.88/mo
$750,000$40.48/mo$43.30/mo$58.48/mo$88.70/mo
$1,000,000$48.20/mo$52.16/mo$72.69/mo$113.03/mo

*Sample monthly life insurance rates based on Preferred health ratings for a 20-year term life insurance policy for a non-smoker male; quotes based on policies offered by Policygenius in 2020.

Who needs life insurance?

Life insurance policyholders commonly include:

 

Marriage complicates finances, and you’ll feel better knowing your significant other has a safety net for any shared debt or future financial plans.

Whether you’re paying for diapers or college tuition, kids are expensive. A life insurance policy ensures they’re taken care of from cradle to college.

Mortgages are the biggest, longest-lasting debt most people will take on. A good rule of thumb is to have a life insurance policy that lasts as long as your mortgage. It's not uncommon for a policy to last 20 or 30 years.

A smart business owner will have an insurance policy so their partners can keep the company going even after they’re gone.

Did you know that your parents may be on the hook for your debt if they co-signed your student loans? Anyone with co-signed debt should consider life insurance, even if you’re young.

Read more in our Learn Center

Do I need life insurance?

How we’ve helped American families

$60 Billion

in coverage

30+ Million

shoppers helped

$1500

average saved /yr

How to buy life insurance

Get a free life insurance quote

1

Comparing rates from different insurance companies allows you to make sure you’re getting the most affordable policy. You never have to pay for life insurance quotes.

Choose a life insurance policy

2

Take into account the cost and how much coverage you need, along with the insurer’s reputation and average application time.

Fill out an application

3

You can fill out your application online or call a licensed expert to get help. Either way, you’ll need to answer some basic income and health questions.

Take a medical exam

4

Life insurance medical exams are similar to a basic physical. The exam is free, and a technician will come to your home or workplace on your schedule.

Complete a phone interview

5

An insurance agent will ask you a few simple lifestyle and health questions.

Wait for approval

6

A life insurance underwriter will use all the collected info to decide on a final premium rate, which should be similar to the quotes you received.

Sign your life insurance policy

7

After you sign your policy and send your first premium payment, your life insurance will be active and your loved ones will be protected!

Need help?

Policygenius’ licensed experts can help you from start to finish and make sure you’re making the right choice.

Get a free quote

Policygenius customer reviews

The reviews are in. We make life insurance easy.

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Policygenius life insurance company reviews

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Mutual of Omaha

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Protective

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SBLI

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Read more reviews in our Learn Center

View All Our Life Insurance Company Reviews

Frequently asked questions

Q

How can I get the most affordable life insurance?

A

Term life insurance is the cheapest option for most people, so that’s a good starting point when looking for the most affordable policy. Regardless of the type you buy, compare companies to make sure you’re choosing the one that’s best for your particular health details and financial situation.

Q

What are the advantages of life insurance?

A

Life insurance provides peace of mind for you and your family. Term life is an affordable form of financial protection, and it costs as little as $20-$25 a month for some people.

The death benefit is usually tax-free, so your family gets the entire amount.

Life insurance can be purchased online, and the entire benefit is available as soon as the policy is active - there’s no waiting period.

Q

What happens if my policy costs more than I was quoted?

A

Policygenius is proud to provide industry-best life insurance quotes. But sometimes information uncovered during the application process means your policy will cost more than expected.

When this happens, we’ll shop your application around to our partner insurers and negotiate to get you the best possible price – guaranteed.

Q

Will the insurance company ever not pay out the death benefit?

A

If your policy isn't active when you die - you outlived the term, let it lapse, or canceled it - you're no longer insured and the company won't pay the death benefit. Additionally, during the first two years of the policy the company can refuse to pay in cases of suicide, and can also investigate any death for evidence of fraud; if found, they may pay out only a portion of the benefit, or none at all.

Q

I have group life insurance through my employer. Do I still need a private insurance policy?

A

Group coverage is a popular workplace perk but often falls short in two ways: It limits your coverage amount, and it isn’t transferable if you switch jobs. A private insurance policy allows you to customize your coverage and stay protected for as long as you need it.

Already have group life insurance? Let our experts help you find the right supplemental policy to complete your coverage.