How much life insurance do you need?
That depends on your unique situation and how you’d like to best help your family.
From covering your kids’ school and college fees to mortgage payments to wiping out debt, or even replacing your yearly income, there are several options you can choose from to support your family – when you’re not around to do so yourself.
What options are out there?
When planning for the future and ensuring financial security for your loved ones, life insurance plays a crucial role. Two popular options are term life insurance and whole life insurance, each serving different needs and goals.
Term Life Insurance
Term insurance is a type of life insurance that offers coverage for a predetermined period, known as the "term," that typically ranges from 10 to 30 years. If the insured individual dies during this term, the policy pays a death benefit to the designated beneficiaries. Term insurance is usually a less expensive and more flexible option.
Young families and busy professionals looking for fast and affordable insurance can easily connect with Ethos and get term life insurance in 5 minutes, with no medical exams or blood tests.
With Ethos Insurance, you get a policy with up to $2 million in coverage, starting at just $2/day. Ethos’ application process ensures you get flexible coverage options quickly and transparently, allowing you to focus on what matters most.
Whole Life Insurance
On the other hand, whole life insurance is a form of permanent life insurance that offers lifelong coverage and a death benefit. It also has a cash value accumulation, with a portion of the premiums going into a savings component you can draw on if needed.
When considering whole life insurance, Mutual of Omaha is a reputable provider. Individuals aged 45 to 85 are guaranteed acceptance without medical exams or health questions. Benefits also remain steady, unaffected by age or health changes.
Additionally, the premiums for your whole life insurance at Mutual of Omaha are fixed, meaning you won’t have to worry about rising costs as you age.
Choose from a broad range of coverage
If you’d like to be insured for longer than 10-30 years, or simply want broader coverage, you might want to consider checking your options through a free online marketplace such as BestMoney.
BestMoney connects families with insurance companies and certified independent agents and brokers – giving you a broad range of term life insurance options from which you can choose.
With coverage starting as low as $7/month and variable terms, you can quickly evaluate your options so you can choose a policy that will relieve your family of the financial burden of an untimely passing.
Find rates right now
Peace of mind
No matter what you choose, it goes without saying that having term life insurance will give you and your family greater peace of mind.
Allowing you and your family to live each day to its maximum, safe in the knowledge that you will still be able to support them and shield them from financial difficulties if something ends up happening to you.
