Types of Life Insurance
Life insurance isn't one-size-fits-all. The right policy depends on your age, family situation, income, and long-term financial goals. Here's a plain-English breakdown:
Term Life
Coverage for a set period (10, 20, or 30 years). Highest death benefit per dollar. Simple, affordable, and focused on income replacement during your working years.
Whole Life
Coverage that lasts your entire lifetime. Builds cash value you can borrow against. Higher premiums, but guaranteed level rate and benefit.
Universal Life
Permanent coverage with flexible premiums and an adjustable death benefit. Builds cash value tied to a declared interest rate or market index.
How Much Life Insurance Do You Need?
A common rule of thumb is 10–12x your annual income — but the real answer depends on your situation. Consider:
- Income replacement for your spouse and dependents (typically 5–10 years of income)
- Mortgage payoff so your family keeps the home
- Children's education costs
- Final expenses and estate settlement costs
- Business obligations if you're a business owner
We'll walk through a simple needs analysis with you at no cost — so you buy the right amount, not too much or too little.
Why an Independent Agent Makes a Difference
- Life insurance rates vary significantly between carriers for the same coverage — we shop multiple companies
- Health history matters: carriers rate risk differently, and we know which ones are more favorable for specific health conditions
- We're not incentivized to push one product over another — we find what's right for you
- We can coordinate life insurance with your broader financial picture, including business buy-sell agreements
Frequently Asked Questions
How much does life insurance cost?
A healthy 35-year-old can often get a $500,000 20-year term policy for $25–$40 per month. Rates increase with age and health conditions, so the earlier you lock in coverage, the lower your rate. We'll get you actual quotes from multiple carriers so you can see the real numbers.
Can I get life insurance if I have a pre-existing condition?
Often yes, though your rate may be higher. Different carriers underwrite health conditions differently — some are more favorable for diabetics, others for heart conditions, others for cancer survivors. We know which carriers to approach for your specific situation, which can save you thousands over the life of a policy.
What happens if I outlive my term policy?
The policy simply expires. Some term policies include a conversion option that lets you convert to permanent coverage without a new medical exam — we recommend looking for this feature when shopping. You can also purchase a new term policy at the end, though rates will reflect your current age.
Do I need life insurance if my employer provides it?
Employer-provided life insurance is typically 1–2x your salary — far below what most families need. It also ends if you leave the job. We recommend using your employer coverage as a foundation and supplementing it with a personal policy you own regardless of employment.
Can I use life insurance for business purposes?
Yes. Business owners commonly use life insurance for key person coverage (protects the business if a critical employee dies), buy-sell funding (funds the purchase of a deceased partner's shares), and executive benefit programs. We handle all of these and can coordinate with your attorney and CPA.