Complete Guide

Life Insurance Buyer's Guide

Everything you need to know before shopping for coverage

Types of Life Insurance

Term Life Insurance

Coverage for a specific period (10, 20, or 30 years). If you pass away during the term, your beneficiaries receive the death benefit. Most affordable option.

  • Lower premiums than permanent insurance
  • Fixed term length
  • No cash value component
  • Best for: Temporary needs like mortgage protection or income replacement

Whole Life Insurance

Permanent coverage that lasts your entire life. Includes a cash value component that grows over time at a guaranteed rate.

  • Lifetime coverage guarantee
  • Fixed premiums
  • Builds cash value
  • Best for: Long-term protection and guaranteed savings component

Indexed Universal Life (IUL)

Permanent coverage with flexible premiums and cash value growth tied to a market index. Includes downside protection.

  • Growth potential linked to market performance
  • Flexible premium payments
  • 0% floor (downside protection)
  • Best for: Those seeking growth potential with permanent coverage

How Much Coverage Do You Need?

A general rule of thumb is 10-12 times your annual income, but your actual needs depend on:

  • Outstanding debts (mortgage, car loans, credit cards)
  • Future expenses (college tuition, weddings)
  • Income replacement needs
  • Final expenses (funeral, medical bills)
  • Existing savings and assets

Use Our Coverage Calculator

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Calculate Your Needs

Questions to Ask

  1. What type of policy best fits my needs? - Consider your budget, timeline, and goals
  2. How much coverage do I really need? - Don't over-insure or under-insure
  3. What are the exclusions? - Know what's not covered
  4. Can I convert my term policy later? - Look for conversion options
  5. What happens if I miss a payment? - Understand grace periods and reinstatement
  6. Are there any riders I should consider? - Disability waiver, accelerated death benefit, etc.

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