Life Insurance 

Protect your family and those who depend on you for financial support.


get peace of mind.

What is Life Insurance?

A life insurance policy is a contract between you and the insurer. You pay a premium for a period of time – typically between 10 and 30 years; they will pay out money if the unexpected happens to you. Life insurance is an essential part of many people’s financial plans. It can provide a safety net for those who depend on you financially; Beneficiaries can use the money to repay debts, replace your income, or provide funds for future expenses like college tuition.

What type of life insurance policy do I need?

There are two main types of life insurance: term life and permanent life. There are various policies within these two categories depending on the person’s short- or long-term needs to be insured. We help you understand which one is right for you. We can help you build a safety net if you pass away. 


Term life insurance

Term life insurance policies typically provide coverage for a period of 10, 20, or 30 years. Term life is typically less expensive than a permanent whole life policy – but unlike permanent life insurance, term policies have no cash value, no payout after the term expires, and no value other than a death benefit. Ideally, After the term expires, you no longer need life insurance: Your house will be paid down, your kids will be grown, and you’ll have some money in the bank. 

However, when your term ends, you’re no longer protected – you either have to apply for a new policy at a higher cost (because you’re older) or go without. However, many term policies (such as those from Guardian) may let you transition to a permanent policy in the future.

  • Level Term Life Insurance— it’s renewable term life insurance with coverage decreasing over the policy’s life at a predetermined rate.
  • Convertible Term Life Insurance—convertible term life insurance allows policyholders to convert a term policy to permanent insurance.
  • Yearly Term Life—is a yearly renewable term life policy that provides a quote for the year the policy is purchased. Premiums increase annually and are usually the least expensive term insurance initially.
  • Return of premium: This type of term policy pays back all or a portion of your premiums if you live to the end of the term.

Permanent Life Insurance

Permanent life insurance coverage is more expensive than term life, but they also provide life coverage. It can be a better option if you have no investment or savings to pay the premium every year. Contributions are necessary for protection with permanent life insurance—additional features like cash-value universal life insurance, which grows over time. In most cases, you can borrow against the value of this account while you’re still alive.

  • Whole life—whole life insurance is permanent life insurance that accumulates cash value. Cash-value life insurance allows the policyholder to use the cash value growth as a source of personal loans or cash or pay policy premiums.
  • Universal Life—a type of permanent life insurance with a cash value component that earns interest; universal life features flexible premiums. The premiums can be adjusted over time and designed with a level death benefit or an increasing death benefit, unlike term and whole life.
  • Indexed Universal is a type of universal life insurance that lets the policyholder earn a fixed or equity-indexed rate of return on the cash value component.
  • Variable Universal—with variable universal insurance, the policyholder can invest the policy’s cash value in an available separate account. It also has flexible premiums and can be designed with a level death benefit or an increasing death benefit.

Why do you need to consider life insurance?

Life insurance is an essential part of your financial wellness, regardless of your family status. Whatever coverage amount you need will likely cost less than you thought: A recent survey found that 44 percent of millennials believe life insurance premiums are at least five times more expensive than the actual cost. Here are types of coverage to consider for what’s important to you:


Single Adult

If you pass away and don’t have death benefit protection ( life insurance), final expenses and other costs could burden those around you. And if anyone, like a parent, has co-signed for loans or different types of debt you have — including some student loans — that person could be responsible for the debt or related taxes.

Single Income Producing Parent- RISK COVERAGE INSURANCE

Single Income Producing Parent

It would be best to have a death benefit significant enough to replace your income and cover family expenses for a given amount of time, preferably until your kids are out of the house or the home’s mortgage is paid completely. 

Homeowner (Mortgage Protection)- RISK COVERAGE INSURANCE

Homeowner (Mortgage Protection)

Married or not, if the death of one adult would mean that the other could no longer afford loan payments, upkeep, and taxes on the property, buying life insurance with an accelerated death benefit rider may be a good idea.


Parents with special-needs adult children

Life insurance protection can ensure their needs will be met after their parents pass away for children who require lifelong care and will never be self-sufficient. 


Who wants to leave money to the kids who provide their care—many adults sacrifice time at work to care for an elderly parent who needs help emotionally and financial support. Life insurance can help reimburse the adult family members’ costs when the parent passes away.

How much coverage should I buy?


The amount of coverage you need depends mainly on the financial strength you provide, where you are in life, and how many people rely on your income. In general, the younger you are, the more coverage you’ll need to compensate for the years of potential wage-earning ahead of you. And the more people depend on you, the more coverage you may want for income replacement if you die. 

Here are some expenses to consider:


    Outstanding loans include a mortgage, personal loan, even credit card balance.


    Everyday living expenses, including child care, utility bills, groceries, car insurance, and other financial obligations


    Future costs, like funeral expenses and college tuition.

    Although you may have some life insurance through your job, it’s generally a good idea to have your own policy in addition to the one provided by your employer. The policy through your workplace likely isn’t enough to meet your family’s financial needs and can end if you leave the job.

    Why do you need life insurance?

    Life insurance helps you plan ahead and provides long-term financial security for your family when they would need it most. You can’t put a dollar amount on your loved ones, but a term life insurance policy can help ensure their future is protected. 

    If you’re not sure what kind of protection is best for you – it’s a good idea to work with a financial professional like us. We can provide in-depth insurance information about the options that fit your immediate needs and long-term goals.

    One feature offered by almost all major insurance companies that let you change your type is the Convertibility provision; it enables you to change your term insurance into a permanent whole life insurance policy later on – without getting a new medical exam.


    // faq

    Get the answers you’re looking for in Life Insurance.

    How much does life insurance cost?

    When setting your rate, each life insurance company weighs factors like your health, lifestyle, and driving record differently. Some are more lenient than others, so we must compare quotes from several insurers. Most life insurance companies require a medical exam before you can get coverage.

    Are Life Insurance Policies taxable?

    Life insurance death benefits are almost always income-tax-free.

    Who needs life insurance?

    In general, people need life insurance if their death would place a financial burden on others. Examples include breadwinners, parents, homeowners, business owners, and people with a co-signed debt.

    How much life insurance do I need?

    When calculating your coverage needs, consider your current finances and future obligations, such as income, debts, and daily expenses. Ten times your annual income is a standard estimate, but rules like this are not universal and may not reflect your specific situation.

    What do I need to apply for life insurance?

    When applying for a life insurance policy, you’ll likely need to provide information to the insurance company about your health and may have to complete an in-person medical exam. You may also be required to submit details on your lifestyle, hobbies, beneficiaries, and family’s medical history.

    Which is better: term or whole life?

    Cost and coverage length are the two most significant factors to consider when choosing between term and whole life. Term life is sufficient for most people. It lasts a specific number of years and is typically cheaper than permanent life insurance. However, depending on your needs, you may want a permanent policy, such as whole life, that covers you for your entire life and comes with a cash value growth.

    Common life insurance terms

    You might come across these terms when you’re shopping from a variety of insurance company. Here’s what they mean.

    Beneficiary: The person or people you select to get the life insurance payout when you die.

    Carrier: Another name for an insurance company.

    Cash value: Permanent life insurance policies typically have an investment portion that increases in value over time. This is known as the cash-value account, and once you’ve accumulated enough cash value, you may be able to borrow against your policy.

    Death benefit: The amount of money the insurer will pay out to your beneficiaries, generally tax-free when you die.

    Dividend: Some insurers are mutual companies, which means their policyholders partly own them. They may pay out a sum of money to some policyholders each year based on the company’s financial performance. These payments are dividends.

    Exclusions: The circumstances in which your life insurance policy won’t pay out, such as death from a risky activity like skydiving. Exclusions vary among insurers and are listed in the policy documents.

    Face value: The primary death benefit of the policy. For example, if you purchase a $500,000 policy, its face value is $500,000.

    Policyholder: The person who owns the life insurance policy.

    Premium: The amount of money you’ll pay to keep your life insurance policy active. With most policies, you have the option to pay monthly, quarterly, semiannually, or annually.

    Rider: A life insurance rider is an optional add-on that allows you to customize your coverage.

    Underwriting: The process an insurer uses to gather information about you and set your life insurance rate.

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