Life Insurance

A $250,000 policy costs as little as $16 per month.^* Get a life insurance quote today.

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What is life insurance?

Purchasing life insurance allows you to provide a safety net for your loved ones in case you pass away. A life insurance policy is a contract stating that, as long as your premium is paid and the policy is active when you die, your beneficiaries can receive a death benefit payout to be used however they like — for final expenses, paying off outstanding debt, and even everyday costs.

Types of life insurance products

Life insurance policies generally fall into three categories: term, permanent, and final expense. Once you understand the difference, you can easily determine which is right for your beneficiaries' needs and your budget.

Term policies last a set timeframe (1, 10, 15, 20, or 30 years) and are affordable. They're typically for supporting your loved ones in case you pass away unexpectedly.
Permanent policies last your entire lifetime, have cash value that grows, and are more expensive.
Final expense policies are a more affordable type of permanent life insurance with a lower death benefit that's designed to cover your end-of-life costs.

Explore the types of life insurance we offer through eFinancial.

Which life insurance policy is right for me?

Consider your budget and your reasons for getting life insurance when determining which type of life policy is best for you. Do you want to make sure your income is replaced in case you die before you retire? Or do you need coverage no matter when you pass? Explore these quick tips for narrowing down your options.

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POLICY TYPES

Term life

Term life insurance with a term of 10, 15, 20, or 30 years makes sense if:

You support a partner, spouse, or children
You're paying off debt, like a mortgage
Your loved ones depend on your income

Example: You're married, in your 20s, and a new homeowner with a 30-year $250,000 mortgage. You get a 30-year term life insurance policy with $250,000 of coverage and name your spouse as the beneficiary. In case you pass away in the next 30 years, they can use the death benefit to pay off the mortgage and cover other costs.

Final expense

Final expense or burial life insurance makes sense if:

You're between 50 and 85 years old
You want an affordable policy
You only want your funeral and other final expenses covered

Example: You're 55 and planning for your retirement years. You want to make sure your loved ones don't have to pay for your burial and funeral costs when you pass away, so you estimate your final expenses and purchase an affordable policy for that amount.

Short-term (one year)

One year of term life insurance coverage makes sense if:

You want to try out life insurance
You only want temporary coverage
You're in between jobs and temporarily without employer-provided coverage

Example: You are 25, have a child, and aren't sure where to start with life insurance. You decide to get one year of highly affordable coverage so you can decide if you want to commit to a longer-term policy.

Whole life

A permanent, whole life insurance policy makes sense if:

You want to be covered no matter when you pass away
You want the cash value feature and the option to take out a life insurance loan
You want a fixed premium and hands-off cash value growth

Example: You have long-term dependents that will rely on you until you pass away, so you purchase whole life insurance to make sure they can claim the death benefit no matter when you die.

Universal life

A permanent, universal life insurance policy makes sense if:

You want to be covered no matter when you pass away
You want the potential of a zero-cost policy or an adjustable premium
You want the benefit of cash value and can afford the higher fees and risks associate with universal life's cash value growth setup

Example: You want to make sure your kids are covered even if you die well into your senior years. While universal life has higher costs, fees, and risks than whole life, you can afford it and you like the potential of an adjustable premium or a no-cost policy.

How much does life insurance cost?

Generally, the younger and healthier you are, the more affordable your life insurance can be — starting at just $16 per month through eFinancial.^* Coverage options begin at $5,000 and go up to $2 million or more.

Keep in mind that permanent life policies generally cost more than term life policies. And the longer a term policy lasts, the more you'll pay. Learn more about how much life insurance costs.

eFinancial works with highly rated life insurance companies to help bring you competitive rates and a variety of simplified life insurance options, such as RAPIDecision® Life — giving you the possibility to purchase life insurance with no exam.

DID YOU KNOW?

More than half of Americans overestimate the cost of life insurance by 3 times, according to LIMRA's Facts About Life 2021. And nearly 42% say their household would face financial hardship within six months if a wage earner died unexpectedly. Life insurance can be an affordable way to protect your loved ones from debilitating financial stress.

How much life insurance do I need?

Some experts recommend carrying life insurance with a death benefit that's 7 to 10 times your annual income, but that doesn't take into account your unique financial situation. Use our life insurance calculator to get more precise with how much life insurance you need.