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What is life insurance?
Life insurance is an agreement between you (the policyholder) and the insurance company. You make monthly payments toward your policy, and your beneficiaries receive a tax-free payout, known as the death benefit, if you die while your coverage is active.
→ Read more about what life insurance is and how it works
What are the different types of life insurance?
There are many kinds of life insurance policies, but by far the most common ones are term and whole. Most people find term life insurance to be more practical — it is straightforward, affordable, and only lasts for as long as you need it. But the policy that’s best for you will depend on your individual circumstances, including your financial obligations, income, health, and lifestyle.
Another type of life insurance you might encounter is universal life insurance. Like whole life insurance, universal insurance coverage lasts for life and has a cash value savings feature. But you can adjust the premiums or benefit of a universal life policy, depending on your cash value performance. Unless you’re a high earner looking to maximize your investments, term or whole life are usually a better option than universal.
→ Read more about the different types of life insurance
How much does life insurance cost?
The cost of life insurance depends on many factors, including your age, health, and the specifics of your policy, but a healthy 35-year-old could expect to pay between $25 and $30 per month for a 20-year, $500,000 term life policy. Rates are five to 15 times higher if you buy cash value life insurance, like whole or universal life insurance.
Either way, it’s always better to buy sooner rather than later: Depending on your age, you add anywhere from 4.5% to 9.2% to your premium every year you wait to purchase a policy. We can help you compare life insurance quotes from top-rated companies to find the best policy for you — at your lowest price.
→ Read more about how much life insurance costs
Average term life insurance rates by age, August 2022
Age / Sex | $250K coverage amount | $500K coverage amount | $1M coverage amount |
---|---|---|---|
25 year old female | $14.13 | $21.04 | $33.42 |
25 year old male | $17.09 | $26.91 | $44.67 |
35 year old female | $16.40 | $25.50 | $42.64 |
35 year old male | $18.61 | $30.26 | $51.75 |
45 year old female | $28.40 | $47.83 | $86.70 |
45 year old male | $35.22 | $60.71 | $112.82 |
55 year old female | $60.18 | $108.98 | $208.28 |
55 year old male | $83.45 | $151.16 | $284.07 |
Why do I need life insurance?
You need life insurance to protect your family from the loss of your income. Your savings will only go so far, especially if you pass away before you’ve had time to pay off all of your debts and save up for the future. People who usually need life insurance include:
Parents, especially new parents and single parents, who have significant financial responsibility ahead of them
Young adults with private student loans or other co-signed loans, like a mortgage
Older adults who are nearing retirement and need coverage to protect their savings plan
Seniors who can’t independently cover their end-of-life medical care or burial expenses
How can life insurance help protect my family?
The death benefit can replace your financial support for decades and ensure your family won’t struggle to cover the costs of a mortgage, a funeral, or care and college for your kids. It also means your spouse can continue to save for retirement or has money to support an aging parent.
What are the best insurance companies?
Protective, Banner Life, and Lincoln Financial are among our top-ranked insurance partners, but when it comes to life insurance, there’s no one-size-fits-all. The right policy for you depends on your individual needs and circumstances. That’s where we come in. As an independent insurance broker, we can give you reviews and recommendations of all the top insurance companies.
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