The purpose of life insurance is to provide income to your survivors in the event of your death. For instance, it could help your surviving spouse pay off the mortgage, cover funeral costs, or pay for a child’s education.
Whether you’re just starting out or nearing retirement, figuring out how much life insurance you need may be difficult. Choosing the right amount for your situation depends on a number of factors, including your marital status, number of dependents, income and financial obligations (like a child’s college education or mortgage).
Whole vs. Term Life Insurance
Term life insurance can cover you for a set time period or term, often 30 years. If you die during that term, then your beneficiaries receive a payout. Whole life insurance is more expensive than term because it can offer lifelong coverage as long as the required premiums are paid. Typically, whole life insurance also has a cash-value account that grows over time.
Our life insurance calculator factors in the number of years you need to provide income and how many dependents you have. Considering these factors can help you decide if whole life insurance or term life insurance is a better fit for your needs. For instance, if you have a spouse and no dependents with a mortgage that will be paid off in twenty years, you might not need a whole life insurance policy that would cover you for longer than your mortgage term. But if you had young children or children with special needs, you might consider buying a longer term policy or a whole life policy. These are the types of factors you may want to consider in weighing what type of life insurance is right for you
Life Insurance Quotes
Getting a quote is the first step in purchasing life insurance. Be sure that you answer any questions accurately, because providing false information on your medical history or other questions could void your policy. In the case of fraud, your beneficiaries would not receive a payout.
Life Insurance Premiums
Life insurance premiums are set based on a number of factors such as your age, health, type of policy, occupation, family medical history, and coverage amount. Some consumers choose to add riders that cover specific situations. For instance, if you purchased an accidental death rider, your beneficiaries would get a larger benefit if you died in an accident.
Use our life insurance calculator to estimate how much life insurance you might need. Please note that this is not a recommendation and should not take the place of professional advice. It is merely a ballpark estimate of how much coverage you might need based on the information you share and does not consider other outside factors. Once you’ve estimated your life insurance needs, you can choose to buy life insurance online or speak to one of our licensed representatives to learn more.
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