Life Insurance

Life insurance is an important aspect of planning your financial future for both you and your loved ones. Get free life insurance quotes now.

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Life Insurance Quote: What is it?

Free Life Insurance Quotes from EINSURANCE.com

Life insurance is an important form of coverage. While life insurance policies vary depending on the type of life policy and its coverage benefits, most life insurance policies are set up so that in the event of a person’s death, a sum of money is paid to the chosen beneficiary. Individuals, corporations, friends, and relatives may all be policy holders, and beneficiaries can use the money for whatever they need—paying off debts, covering funeral expenses, or supplementing their own income.

How Does Life Insurance Works

Insurance companies depend on the money they receive from people buying policies and paying their premiums to cover the cost of all of their claims over time. Hence why the costs of life insurance vary, depending on the policy holder’s age, gender, and other lifestyle choices—insurance companies use this information to estimate their claim totals each year.

What Kind of Life Insurance Policy Do You Need?

The two most common types of life insurance are term life insurance and whole life insurance. Much like auto insurance, term life insurance provides coverage only for a specified period of time and then expires. Whole life insurance covers a person for their entire life, gradually building value over time. In addition, while the premium for term life insurance may change each time the holder renews the policy, the premium and benefits for whole life insurance are set at the beginning and always remain the same.

Whole life insurance is a good option for people who do not want to continuously monitor their investments. Term life insurance offers policy holders a greater degree of flexibility in managing their financial obligations over time, such as paying their mortgage or covering the cost of their children’s college education.

Products are also available that enable policy holders to link life insurance to investment performance, including:

Variable Life – A life insurance policy in which the policy holder can choose to allocate portions of their premiums into separate tax-deferred investment funds within the insurance company’s investment portfolio, such as bond, equity, or money market accounts.
Universal Life – A form of whole life insurance in which the insurance company manages the policy holder’s investments, investing a portion of the premiums into common bonds, money market funds, and mortgages.

Needs can vary greatly from person to person and can rely on personal preference and budget constraints. If you are unsure what type of insurance is best for you, consulting with a life insurance agent can help. No matter what type of policy you choose, life insurance is an important aspect of planning your finances and protecting the financial future of both you and your loved ones. For more information on specific life insurance policies, click on the links on this page.

Frequently Asked Questions (FAQs)

Get clear answers to common insurance questions and important details to guide your coverage decisions.

What is life insurance and do I need it?

Life insurance is a contract between an individual and an insurance company, where the insurer agrees to pay a designated beneficiary a sum of money upon the death of the insured person. In exchange, the policyholder pays premiums either periodically or as a lump sum. There are two primary types of life insurance: term life insurance, which provides coverage for a specific period, and permanent life insurance, which covers the insured’s entire life and may build cash value over time. Life insurance is essential for ensuring that your loved ones are financially protected after your death. It is particularly important if you have dependents or significant debts, such as a mortgage. Life insurance can cover living expenses, debts, and educational costs, helping to secure your family’s financial future.

What does life insurance cover?

Life insurance typically covers natural deaths, accidental deaths, suicide, homicide and illness or injuries.

What is not covered by life insurance?

Life insurance generally does not cover deaths resulting from criminal activities; certain exclusions specified in the policy, such as deaths related to war or terrorism; acts of self-harm within the initial period of the policy; non-disclosure of preexisting conditions at the time of policy purchase.

How much does life insurance cost?

The cost of life insurance varies based on factors such as age, health, lifestyle, and the type and amount of coverage. Term life insurance is generally cheaper than permanent life insurance. Premiums can range from a few hundred dollars per year for term policies to several thousand for permanent policies.

How can I save money on life insurance?

To save on life insurance, you can buy when young and healthy, choose term life insurance instead of permanent life insurance, bundle policies and shop around.

How do I know how much life insurance I need?

To determine the appropriate amount of life insurance, consider your financial obligations, including debts, living expenses, and future expenses like college tuition for children. A common rule of thumb is to have coverage that is 10-12 times your annual income.