The short answer
Life insurance isn't a separate product. It's a term life policy, and for you the difference is mainly how carriers review the application and set the rate. Rules vary by carrier, so comparing several through an independent agent is the simplest way to find a good fit.
This guide answers the most common questions about which companies offer life insurance.
Term vs whole life insurance is the classic life insurance question. Term covers a set number of years at a lower price. Whole life lasts for life and builds cash value, at a higher price.
This guide lays out the differences and shows how to decide, including the common choice of using both.
Part of our complete guide: Term Life Insurance: The Complete Guide.
Quick answer
Term: lower cost, set length, no cash value. Whole life: lifelong coverage and cash value, higher cost. Convertible term keeps the door open to permanent coverage later.
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On this page
- Which companies offer life insurance?
- Mistakes to avoid
- Common questions
- Difference between term and whole life: should you buy term or whole life?
- What is term life insurance?
- Can you change term into whole life?
- What affects the cost of term life insurance?
- What if you miss a payment?
- Riders worth knowing about
- Who term life insurance is for
- Frequently asked questions
Which companies offer life insurance?
Carriers don't all view the same situation the same way, which is why comparing matters more than picking a familiar name.
- Underwriting fit: how each carrier treats your situation.
- Financial strength: ratings from independent agencies.
- Policy features: riders, conversion options and how long rates stay level.
- Service: how applications and claims are handled.
Mistakes to avoid
- Canceling coverage before new coverage is approved.
- Buying more than the budget can keep paying.
- Comparing only one carrier.
Compare rates from several carriers in about two minutes. Free, no obligation.
Common questions
The short version:
What is the best life insurance for ?
There's no single best policy. The right one depends on how much coverage you need, for how long, your budget and which carrier's underwriting fits your situation best.
Difference between term and whole life: should you buy term or whole life?
| Feature | Term life | Whole life |
|---|---|---|
| How long it lasts | A set term, like 20 years | Your whole life, if premiums are paid |
| Cash value | None | Builds over time |
| Cost for the same amount | Lower | Higher |
| Best for | Needs with an end date | Lifelong needs and planning |
Many families buy term for big, temporary needs, such as the mortgage and raising children, and a smaller whole life policy for lasting goals like final costs or leaving a legacy.
What is term life insurance?
Term life insurance is simple by design. You choose an amount and a number of years. You pay a premium, which on most policies stays level for the whole term. If you pass away while it is in force, your family receives the benefit, generally income-tax-free.
- Lower cost than permanent coverage for the same amount.
- Fixed length matched to a real need.
- Often convertible to permanent coverage later without new health questions.
How to get covered in 3 steps
- Check your rate. Pick your state and answer a few quick questions about the coverage you want.
- Compare carriers. A licensed agent compares term life insurance options from several insurers and explains the trade-offs.
- Apply and get covered. Many applications take one phone call. Coverage starts once the policy is issued and the first premium is paid.
Can you change term into whole life?
Most term policies can be converted to a permanent policy for some or all of the amount, without a medical exam, within a set window. This protects you if your health changes.
- Check when the conversion window closes, often at a certain age or policy year.
- Check which permanent products are available for conversion.
- Expect a higher premium for permanent coverage, based on your age at conversion.
What affects the cost of term life insurance?
Term life pricing comes down to risk and time. Your age, health and habits describe the risk. The amount and term describe how much and how long the insurer is on the hook.
Two practical tips: buy when you are younger, and compare carriers. Insurers judge the same health history differently, and that can move your rate class.
What if you miss a payment?
Missed payments are one of the most common reasons coverage ends early. A grace period gives you some time to catch up, but it is not unlimited.
If money is tight, call before you stop paying. On some policies you can lower the coverage amount, change the payment mode or use other options to keep at least some protection in place.
Riders worth knowing about
A rider is an option you add to a policy. Some are built in at no extra cost, others add to the premium. Availability and terms vary by carrier and state, so check the details of any policy you consider.
- Accelerated death benefit. Lets you access part of the benefit early if you are diagnosed with a terminal illness, and on some policies a chronic or critical illness.
- Waiver of premium. Keeps the policy in force without payments if you become totally disabled, as defined in the policy.
- Return of premium. Refunds premiums you paid if you outlive the term and the policy stays in force. It costs more.
- Child rider. Adds a small amount of coverage for your children under your policy.
Riders are useful, but each one adds cost or complexity. Pick the ones that fit a real worry, and skip the rest.
Who term life insurance is for
Often a good fit
- you have a need with an end date and want the most coverage for the money.
- you want to cover a mortgage, income or debts.
Maybe not the right fit
- you want coverage that never expires.
- you want a policy that builds cash value.