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Common Questions About Life Insurance
You may have questions during the process of shopping for life insurance, comparing quotes and choosing the right coverage for you. Click on some of the most frequently asked ones below to learn more.
Shop Life Insurance by Company Reviews
When it comes to finding the right life insurance policy for you, exploring your options is crucial. That way, you can ensure you’re getting the coverage you need at a price you can afford.
MoneyGeek reviewed some of the top life insurance companies to make the process of choosing a carrier easier. Browse below to learn about each provider’s customer satisfaction, financial strength, policy offerings and more.
Term Life Insurance Quotes
Monthly life insurance expenses can vary based on your term length and coverage amount. For example, if you buy a 10-year term policy from AAA with $100,000 worth of coverage, you would have to pay an average of $10.03 per month. In comparison, a 10-year term policy from the same company with $250,000 of coverage costs $13.42 monthly.
To illustrate the potential difference in policy costs based on term length and coverage amount, MoneyGeek collected average term policy rates for a 30-year-old nonsmoker male in excellent health. Your rates may vary depending on factors like your age, gender, health history, hobbies and occupation.
10-Year Term Life Insurance Quotes
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- Insurer10-Year, $100,000 Policy Sample Monthly Premium10-Year, $250,000 Policy Sample Monthly Premium10-Year, $500,000 Policy Sample Monthly Premium10-Year, $100,000,000 Policy Sample Monthly Premium
- 2.Mass Mutual$9.23$11.10$15.60$20.45
- 3.Mutual of Omaha$10.28$12.04$16.13$21.70
- 5.Progressive Life$13.22$16.10$23.49$50.03
- 7.State Farm$12.40$17.62$24.34$28.69
15-Year Term Life Insurance Quotes
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- Insurer15-Year, $250,000 Policy Sample Monthly Premium15-Year, $500,000 Policy Sample Monthly Premium15-Year, $100,000,000 Policy Sample Monthly Premium
- 2.Mass Mutual$12.19$17.41$18.92
- 3.Mutual of Omaha$13.76$20.43$26.54
- 4.NationwideNot availableNot available$65.69
- 5.Progressive Life$18.49$28.28$61.48
20-Year Term Life Insurance Quotes
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- Insurer20-Year, $100,000 Policy Sample Monthly Premium20-Year, $250,000 Policy Sample Monthly Premium20-Year, $500,000 Policy Sample Monthly Premium20-Year, $100,000,000 Policy Sample Monthly Premium
- 2.Mass Mutual$9.23$15.23$23.50$33.50
- 3.Mutual of Omaha$10.28$14.84$23.87$35.44
- 5.Progressive Life$13.22$21.97$35.24$73.52
- 7.State Farm$12.40$18.72$28.29$33.09
30-Year Term Life Insurance Quotes
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- Insurer30-Year, $100,000 Policy Sample Monthly Premium30-Year, $250,000 Policy Sample Monthly Premium30-Year, $500,000 Policy Sample Monthly Premium30-Year, $100,000,000 Policy Sample Monthly Premium
- 2.Mass Mutual$9.23$22.84$37.42$54.38
- 3.Mutual of Omaha$10.28$21.72$35.91$53.49
- 5.Progressive Life$13.22$29.15$49.59$115.28
- 7.State Farm$12.40$26.77$43.09$54.79
Life Insurance Basics
A life insurance plan can help your family pay off any of your debts, mortgage, child’s education expenses and enable you to leave a charitable legacy behind in the event of your death. It can also be an excellent way to save for retirement if you don’t have access to an employer-sponsored retirement account.
There are two primary types of life insurance: term life insurance and permanent life insurance.
Term Life Insurance
A term life insurance policy offers you coverage for a specified term — anywhere from one to 30 years. The policyholder determines the length of the policy. When a term policy expires, you can either renew it, convert it into a whole policy or allow it to terminate.
People prefer buying a term policy because it costs less than a permanent life policy and helps pay off any debt, mortgages and burial expenses in case of their death. It’s an affordable option for anyone who needs a short-term safety net and has dependents who rely on their income.
Term life insurance tends to be differentiated by the length of the coverage term. The most common term lengths are:
Permanent Life Insurance
With a permanent life insurance policy, you get lifelong coverage as long as you pay your premiums on time. In addition, you also get cash value that grows every year, tax-free. You can access this cash value when you’re alive through loans, policy surrender or withdrawal. In this way, your policy can help you save money for retirement. The cash value benefit is one of the primary reasons people choose this type of policy over term life insurance.
However, due to its lifelong duration and cash value benefit, a permanent life insurance policy is generally more expensive than a term life insurance policy.
Some of the most common types of permanent life insurance are
- Whole life insurance
- Universal life insurance
- Variable universal life insurance
- Indexed universal life insurance
Other Coverage Options
While term life and permanent life are two popular life insurance policies, these coverages may not be available to everyone. For example, people who are older or in poor health may only qualify for simplified issue and guaranteed issue coverage. Final expense insurance is another option that elderly individuals who only want to cover burial and funeral costs might choose. It’s essential to do your research to find the best policy for your needs and unique situation.
How to Compare Life Insurance Quotes and Find a Policy
Shopping for life insurance can be challenging — we’re here to help simplify your search. MoneyGeek outlined key steps you can take to find the right life insurance policy for your coverage needs.
Consider your needs.
People purchase life insurance for many different reasons. Deciding what costs you want your policy to cover is crucial in determining how much coverage you’ll need. Will your policy need to replace your income? Pay off existing debt? Cover funeral, burial or long-term care expenses? Leave an inheritance for your loved ones? Help you save for retirement? Considering what you need in a policy is a crucial first step in finding appropriate coverage.
Calculate how much life insurance you need.
Determining the amount of coverage you need is crucial to finding a policy that’s a good fit. Find this figure with the following formula: [Financial obligations you want covered] – [existing assets that can be used toward bills] = Your life insurance need
Learn more about life insurance and coverage options.
After considering your financial needs for a policy, determine whether a term life insurance policy or a permanent life insurance policy would suit you best. The ideal policy for you will vary depending on your age, medical history and coverage needs.
Get multiple life insurance quotes.
Always get life insurance quotes from different companies, as every company will offer you a different rate depending on your individual characteristics. Be sure to compare policy provider ratings. We recommend favoring carriers with high financial strength ratings.
Compare life insurance quotes and policy options.
Compare quotes from at least three different companies to find the provider with the coverage you need at a price you can afford.
Decide on a policy and purchase it.
After deciding on a policy, buy it. You may be able to do it online or through an insurance agent or a broker.