Life insurance

If you are married or have dependents, your family can benefit from you having a life insurance policy. It helps ensure you can take care of them, even after you’re gone.

Life insurance is typically used to: 

• Replace your income, if needed
• Pay off major debts
• Cover other expenses (like childcare, college and final expenses)

You can also use life insurance to:

• Build wealth for future generations
• Cover long-term care costs

To estimate the right amount of life insurance you’ll need, it’s important to consider all the ways you plan to use it and their individual costs. Add the total amount needed. Then, subtract savings and any existing coverage. If your goal is income replacement for a set term, you can use our coverage calculator to find an amount that best fits your needs.

It depends on the type of life insurance you get.

Term life insurance costs less than Permanent life insurance, which includes whole, universal, or variable universal policies and requires a conversation with a professional.

Costs are also affected by other factors, including your:

• Age
• Sex
• Health

While you can get life insurance at any age, rates tend to go up as you grow older. You may be able to lock in a lower rate if you start earlier in life.