What people commonly want life insurance to do
There isn’t one purpose. People often think about a few of these:
- Helping replace income for people who depend on it
- Helping with a mortgage or other debts
- Helping pay for a child’s education
- Helping with final expenses
- Leaving money to a person or organization you choose
Which of these matter to you, and how much money each one calls for, is a personal decision.
Term and permanent, at a high level
| Feature | Term life insurance | Permanent life insurance |
|---|---|---|
| General idea | Coverage for a set period of time. | Coverage designed to last as long as the policy stays in force. |
| Often considered when | You want coverage for years when others depend on your income. | You want coverage designed to last, or you’re interested in policy features beyond the death benefit. |
| Things to compare | How long the term lasts and what happens when it ends. | Premiums, how the policy is structured and any features it offers. |
This is a general comparison only. Products differ by carrier, and an agent can explain the specifics of what’s available.
Beneficiaries matter as much as the amount
A policy pays the beneficiaries you name. Naming them, and naming backups, is one of the most important decisions, and it’s easy to forget to update after a life event. Policies have their own rules for changing beneficiaries, so check yours.
Life events that prompt a review
- Getting married or divorced
- Having or adopting a child
- Buying a home or taking on a new loan
- Changing jobs, or losing group coverage you relied on
- A significant change in income
What helps in a first conversation
- Who depends on your income, and for how long
- Any existing life insurance, including through an employer
- What you’d want the coverage to accomplish
- Your questions about types of coverage
Health-related questions come later in the process and are best handled by phone with an agent. Please don’t send medical or financial account information through this website.
Common questions
How much life insurance do I need?
There isn’t a single right number. It depends on your family, income, debts and goals. We don’t use a one-size formula, and an agent can talk through the factors with you.
Do I have to take a medical exam?
Requirements vary by product and carrier. Ask an agent what applies to the coverage you’re considering.
Can I change my beneficiaries?
Policies generally have a process for changing beneficiaries, and the details are in your policy. Review them after major life events.
Does life insurance through my employer count?
It can be part of your overall picture. Group coverage often ends if you leave the job, so it’s worth understanding what would stay with you.