Coverage guide
Life Insurance
Life insurance can provide a death benefit to beneficiaries. Common categories include term life and permanent life products such as whole, universal, and variable universal life.
What it covers
- Death benefit
- Term policies
- Permanent policies
- Beneficiary planning
- Optional riders
Who commonly researches it
- People with dependents
- Borrowers with shared debt
- Business owners with continuity needs
When people commonly buy
- When others rely on your income
- When taking on major debt
- When starting a family or business
Coverage considerations
- Term and permanent policies solve different needs
- Beneficiary designations matter
- Health underwriting can affect availability and cost
Common exclusions
- Policy lapse
- Misrepresentation
- Contestability period issues
- Some rider-specific exclusions
Cost factors
- Age
- Health
- Coverage amount
- Policy type
- Term length
- Lifestyle and underwriting class
Comparison checklist
- Compare term length
- Review conversion options
- Ask about riders
- Confirm beneficiary setup
- Understand surrender charges
FAQ
What is the difference between term and permanent life insurance?
Term life covers a set period. Permanent life is designed for longer-term protection and can include cash value features, subject to policy terms.
Who receives the benefit?
The named beneficiary receives the death benefit if the policy is active and the claim is payable.