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Life Insurance
Life insurance provides essential financial protection for your loved ones. If you have a partner or spouse, children or have a home mortgage, life insurance should be part of your family's financial plan.
Types of life insurance
Life insurance is available in two basic forms - term or whole life.
- Term life policies are purchased for a set period of time, such as 5, 10, 15, or 20 years. Term life works well to cover shorter-term needs, such as insuring mortgages and children's education expenses.
- Whole or universal life policies, generally in force until age 100, build up cash value and are often used as investments.
Within these categories, policies can be customized with a variety of benefits and riders.
Some employers choose to offer basic life insurance to employees through a group policy. These are usually set to a certain amount, or percent of salary, and are contingent upon continuing employment. Group life is guaranteed issue for the employee.
How much do I need
Each person's situation is unique. Your life insurance needs will depend on your income, assets, and family situation. A personal review will help determine the best product for your needs.
Request a preliminary life insurance quote.
Underwriting issues
Personal life insurance always requires medical underwriting. Applicants in poor health or with certain medical conditions will not qualify. Underwriting may include a phone screening and a physical exam through an independent provider.
Premiums
Life policies, particularly term life, are more affordable than in the past.
Premiums will vary with age, gender, and health. Here are some sample rates from May 2009:
10-year-term, Life Insurance Annual Premium, Preferred Health
| Policy/Age | 40 | 50 | 60 |
|---|---|---|---|
| $250,000 | $152 | $308 | $615 |
| $500,000 | $250 | $540 | $1,085 |
| $1,000,000 | $435 | $975 | $2,075 |
| Policy/Age | 40 | 50 | 60 |
|---|---|---|---|
| $250,000 | $172 | $385 | $908 |
| $500,000 | $290 | $680 | $1,655 |
| $1,000,000 | $505 | $1,230 | $3,135 |