What Is Life Insurance?
Life insurance is a financial safety net for the people who depend on you. If something happens to you, a life insurance policy provides money (called a "death benefit") to your beneficiaries—usually family members.
Think of it as replacing your income and helping cover expenses like:
- Mortgage payments
- Day-to-day living costs
- Children's education
- Outstanding debts
Types of Life Insurance
Term Life Insurance
Term life is straightforward: you pay premiums for a set period (10, 20, or 30 years), and if you pass away during that time, your beneficiaries receive the death benefit.
Best for: Young families, people with mortgages, or anyone who needs coverage for a specific time period.
Permanent Life Insurance
Permanent policies cover you for your entire life and include a savings component called "cash value" that grows over time.
Best for: Estate planning, leaving a legacy, or those who want lifelong coverage.
How Much Coverage Might You Need?
A common starting point is 10-12 times your annual income, but your actual needs depend on:
- Your family's monthly expenses
- Outstanding debts (mortgage, car loans, student loans)
- Future costs like college tuition
- Existing savings and investments
Our Life Coverage Estimator can help you think through these factors.
When to Consider Life Insurance
Life insurance often makes sense when:
- You're getting married
- You're starting a family
- You're buying a home
- You're the primary income earner
- Someone cosigned a loan with you
Next Steps
Understanding your options is the first step. When you're ready, having a conversation with a licensed agent can help you find coverage that fits your situation—with no pressure and no obligation.