Frequently Asked Questions about Life Insurance Policies

Here are the answers to the most commonly asked questions about life insurance policies.

Why do I need a life insurance policy?

A life insurance policy will afford financial security to your beneficiaries by helping them:

• Send a child to college
• Cover your funeral, burial, and estate tax expenses
• Pay off a home mortgage
• Take care of debts
• Maintain their current standard of living by replacing your income
• Give your spouse/partner additional retirement income

How do I apply for quotes on a life insurance policy?

You can apply for free via our website. Just click "apply now" wherever you see it to fill out our short, secure application for quotes on a life insurance policy. We will match you with major insurance carriers who can provide you with life insurance quotes.

How much life insurance should I get?

This is difficult to say without taking into account your family's unique needs. Generally, experts recommend a policy that is 2-10 times your annual salary. This estimate, of course, assumes that you have an income. These kinds of estimates can be inaccurate if your family depends on you for more than just income. For example, if you cook for the family, watch children, etc., your family will likely have to pay for these services after you're gone.

What determines the cost of my life insurance policy?

The cost of your life insurance policy will depend on several factors, including the policy type, how much insurance you buy, and your health/personal situation. You can manipulate these variables when applying for quotes to see how they impact your total expense.

Should I get a term or permanent life insurance policy?

This also depends on your individual needs. A term life insurance policy is good for temporary coverage for people on a budget. The disadvantages of term life are that it does not accrue cash value, and that your premiums will increase with your age, which might make this type of policy unaffordable. Permanent life insurance provides lifetime coverage that also has the potential to build cash value. On the down side, permanent life insurance tends to cost more initially than term insurance.

Can I get life insurance if I know I have a medical condition?

Yes. Though you might not receive the best rates, you can still qualify for a life insurance policy if you know you have a preexisting medical condition. To get a better idea of what influences your premiums, see our Underwriting Guide page.