What Life Insurance Helps Support
Life insurance is designed to provide financial support for the people who depend on you. It's designed to help cover expenses, replace income and plan for the future.
Income Protection
Helps replace lost income so your family can continue covering everyday expenses and maintain their standard of living.
Living Expenses
Provides support for ongoing costs like housing, utilities, groceries and other essential needs.
Debt and Education
Can help cover outstanding debts, mortgages, or future education expenses, reducing the financial burden on your family.
Long-Term Planning
Offers flexibility to support future goals, financial stability and planning across different stages of life.
Comparing Life Insurance Options
Life insurance policies are generally structured as term or permanent coverage. Understanding the differences can help you choose an approach that fits your needs and long-term goals.
|
Feature |
Term Life |
Whole Life |
|---|---|---|
|
Coverage Length |
Set period (e.g., 10, 20 or 30 years) |
Lifetime coverage |
|
Premium Structure |
Typically fixed for the length of the term |
Typically fixed for life |
|
Cost |
Lower initial cost |
Higher cost over time |
|
Cash Value |
Does not build cash value |
Includes a cash value component that grows over time |
|
Flexibility |
Can align with specific time-based needs |
Designed for long-term or permanent coverage needs |
|
Purpose |
Often used for income replacement or temporary obligations |
Often used for long-term planning or estate considerations |
Life insurance policies vary by provider. Coverage details, costs and features depend on the specific policy selected.
How Much Life Insurance Do You Need?
Estimate the coverage your family may need by comparing your existing life insurance, income and assets with future expenses, debts and education costs.
Which option fits your needs?
Different types of life insurance are designed for different goals. Here’s a simple way to think about how each approach is typically used.
FLEXIBLE
Term Life Insurance
Often used for temporary needs like income replacement, covering a mortgage or supporting dependents during key life stages.
LIFELONG
Whole Life Insurance
Often used for long-term planning including lifelong coverage, estate considerations or building cash value over time.
Common Questions About Life Insurance
Answers to Help You Get Started
Understanding how life insurance works can make it easier to choose the right approach. Here are answers to a few common questions.