Question 1

What is life insurance?

Accepted Answer

Life insurance is a contract between you and an insurance company. You pay regular premiums, and in exchange, the insurer pays a lump-sum death benefit to your designated beneficiaries when you pass away. It provides financial protection so your loved ones can cover expenses like a mortgage, education costs, or everyday living after you're gone.

Question 2

How much does life insurance cost?

Accepted Answer

Term life insurance for a healthy 30-year-old can start as low as $15–$25 per month for $500,000 in coverage. Costs vary based on your age, health, lifestyle, coverage amount, and policy type. Whole life and universal life policies cost significantly more than term because they include a cash value component and lifetime coverage.

Question 3

Do I need a medical exam to get life insurance?

Accepted Answer

Not always. Many term life policies offer accelerated or no-exam underwriting — especially for younger, healthier applicants. However, larger coverage amounts or certain health conditions may require a paramedical exam including bloodwork and vitals. Guaranteed issue policies require no exam but have lower coverage limits and higher premiums.

Question 4

How much life insurance coverage do I need?

Accepted Answer

A common guideline is 10–15 times your annual income, but the right amount depends on your specific situation. Consider your mortgage balance, outstanding debts, number of dependents, future education costs, and your spouse's earning capacity. Our free coverage calculator can help you estimate the right number in about two minutes.

Question 5

What type of life insurance is best for me?

Accepted Answer

Term life is best for most people — it's the most affordable option and ideal for covering specific financial obligations like a mortgage or income replacement during your working years. Whole life is better if you need permanent coverage, want guaranteed cash value growth, or have estate planning goals. Universal and indexed universal life offer flexibility in premiums and death benefits for more complex financial situations.

Question 6

What is the difference between term and whole life insurance?

Accepted Answer

Term life provides coverage for a fixed period (10, 20, or 30 years) and pays a death benefit only if you die during that term. Whole life is permanent — it covers you for life and builds cash value over time. Term is far more affordable; whole life costs 5–15x more for the same death benefit but includes a savings component.

Question 7

What happens when my term life insurance expires?

Accepted Answer

When your term ends, coverage stops and no death benefit is payable. Most policies offer two options: renew annually at a higher premium based on your current age, or convert to a permanent policy without a new medical exam before the conversion deadline. We recommend reviewing your needs before your term expires so you're never left without coverage.

Question 8

Can I get life insurance if I have a pre-existing condition?

Accepted Answer

Yes, in most cases. Many conditions like controlled high blood pressure, type 2 diabetes, or a history of cancer can still be insured — often at a higher premium or with a table rating. Guaranteed issue policies are available for those who cannot qualify for traditional underwriting, though they come with lower coverage limits and graded death benefits.

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