Life Insurance

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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

Explore the types of life insurance we offer through eFinancial. Term life policies provide coverage if you pass away within a set number of years, while permanent policies such as whole life, universal life, and final expense provide coverage for your entire life.

Why buy life insurance?

When you pass away, the beneficiaries on your life insurance policy can file a claim for your death benefit, which they can use however they like. A life insurance payout can provide your loved ones with the financial safety net they need if you pass away.

Get life insurance if...

You're starting a family

A life insurance policy can help provide financial security for your young family in case you pass away unexpectedly. Plus, the younger you are when you apply for life insurance, the more affordable your policy will be.

You have outstanding debt

Life insurance can be essential to helping pay off your mortgage and other debts in case you pass away and your family loses your income.

You plan to pay for your kids' education

Whether your children are already in college or they're years away, life insurance can help pay for their education costs if you pass away.

You're planning for end-of-life expenses

Final expense insurance is designed to cover your funeral costs and other related expenses, such as cremation, interment, medical bills, and outstanding bills, so those costs don't become a burden to your loved ones.

Which life insurance policy is right for me?

In terms of coverage, some experts recommend carrying life insurance that's 10 to 15 times your annual income, if you can afford to do so. If you're trying to decide between a term or permanent life policy, this guide can help you decide:

Consider a 1-year term if you're just starting out with life insurance or you want to fill a temporary gap in coverage before getting a policy with a longer term.
Consider a 10-year term if you're looking to supplement another policy, you're close to retiring, or your finances are tight but you want to provide your family some protection in case you pass away.
Consider a 20-year term if you've started a family or plan to soon, to provide a financial safeguard for your children until they're adults.
Consider a 30-year term if you want to provide your loved ones with a safety net until you retire, or if you have a child with special needs who will rely on your care even after they become an adult. Also, if you have a mortgage, this may be the right option for you.
Consider a permanent policy such as whole life if you prefer coverage well into retirement, as well as the option to withdraw or borrow against your policy's built-up cash value.

Coverage options begin at $5,000 and go up to $2 million or more. Generally, the younger and healthier you are, the more affordable your rates can be — starting at just $14 per month through eFinancial.^*

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.

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