Get the Life Insurance that's right for you.

What Is Health Insurance?

Life insurance is a contract that provides financial protection for a policyholder's life for a set amount. A policyholder must pay a monthly or annual premium in exchange for coverage.

When the policyholder dies, their named beneficiary is entitled to the contract's value, known as a death benefit.

A death benefit is a tax-free payment that your family or loved ones can use to cover expenses such as a funeral, mortgage payments, college funds, or to supplement the policyholder's lost income.

What Are the Different Types of Life Insurance?

There are many kinds of life insurance policies available. Each is designed to meet your financial objectives and protect your loved ones after your death. and permanent life insurance are the two most common types.

Term Life Insurance

The more popular option is term life insurance, which provides simple and affordable coverage for a set period.

The advantage of term life insurance is that you can tailor your coverage length, or "term" to meet your specific financial needs. Term life insurance expires when the term has ended or when you fail to pay your premiums.

You can, for example, match term life insurance to the length of time it takes to pay off a financial obligation, such as a mortgage.

If you die while your policy is still in effect, your beneficiaries can use the death benefit to pay off your loan.

Here are some examples of term life insurance policies:

• Decreasing term life insurance is a renewable term life insurance policy with decreasing coverage over the policy's life.
• Convertible term life insurance allows policyholders to convert a term policy to permanent life insurance.
• Renewable term life insurance is based on a quote for the year the policy is purchased. Premiums typically rise annually and are lowest at the start of the policy.