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What is Life Insurance?

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Protect your family with life insurance. Get an instant quote Opens in a new window

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How does life insurance work?

In exchange for regular payments (your premium), your insurer will pay your loved ones (your beneficiaries) a lump sum of money (a death benefit) while covered by the policy. The amount of the lump sum is determined by the size of your insurance policy (your coverage).

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What are the various types of life insurance?

There are two main categories of life insurance – term and permanent. Term life insurance, the more affordable option, provides coverage for a set period. If you should happen to pass away during this time, your insurer will pay a death benefit to your beneficiaries. Permanent life insurance, while generally more expensive, provides coverage for up to your lifetime (as long as premiums are paid) and typically offers the ability to build cash value.

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How much coverage do you need?

A general rule of thumb is that life insurance coverage should replace 6 to 10 times your gross annual salary. However, in addition to income replacement, there are a number of factors to consider when deciding the right amount of coverage for your circumstances. It’s important to also take stock of your current and future financial responsibilities, including your mortgage balance and any additional debts you may owe (e.g., credit cards, car loans, student loans, etc.), your children’s education expenses, and your family’s day-to-day living expenses. These are all financial obligations that would fall to your loved ones in your absence – providing adequate coverage helps ensure they have resources for these after you’re gone.

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How much does life insurance cost?

The cost of life insurance varies depending on several factors, including the type of policy you choose, the amount of the death benefit, and the riders you include. Your age and overall health may also be reviewed as a part of the underwriting process with certain policies requiring you to complete a medical exam.

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What are the other uses of life insurance?

Once you have a solid understanding of life insurance basics, our Six Ways to Use the Power of Life Insurance article is a great resource to learn more about the lesser-known benefits of life insurance.

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Have questions?

A Financial Professional can talk you through your options and help you select the right policy for your needs.

Or, if you’re ready to buy, you can skip the talking and get a term life insurance quote online now.

Get an instant quote  Opens in new window or Talk to a financial professional
844-803-6941

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© 2021 Prudential Financial, Inc. and its related entities. Our policies contain exclusions, limitations, reductions in benefits, and terms for keeping them in force. A financial professional can provide you with costs and complete details.

For Compliance Use Only: 1010891-00002-00 Ed. 04/2021