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Life Insurance Quotes and Policies
Life insurance is a contract in which an insurance company pays your chosen loved ones a tax-free lump sum if you pass away. In exchange for monthly or annual payments, it helps protect your family’s financial future by covering costs like mortgages, debts, and daily living expenses.
Figuring out what life insurance is right for you can seem complicated, but that’s what we’re here for. SelectQuote’s experienced, licensed life insurance agents have the answers you need to make the right decision for you and your family.
Key Takeaways
Financial Protection: Life insurance provides a tax-free death benefit to help your loved ones cover major expenses like mortgages, daily living costs, and college tuition if you pass away.
Term vs. Permanent: Coverage isn't one-size-fits-all. You can choose affordable term life insurance for a set number of years, or permanent life insurance for lifelong protection and cash-value growth.
Customizable Coverage: The amount of insurance you need depends on your unique financial situation. Frameworks like the DIME method (Debt, Income, Mortgage, Education) make it easy to calculate your ideal policy size.
Quick and Easy Process: Securing a policy is simpler than ever. You can compare quotes with SelectQuote from trusted carriers to find the best rate, and many healthy applicants can even bypass the medical exam for instant approval.
Understanding Life Insurance Policies
In simple terms, life insurance is an affordable way to financially protect your family if you’re not there to take care of them. Life insurance can help with:
Paying off a mortgage or rent
Funding college tuition and education
Covering final expenses and funeral costs
Replacing lost income for daily living expenses
Helping Customers Save on Life Insurance for 40 Years
When it comes to securing life insurance, you want to work with a company you can trust; and our resume says it all.
Forty years in business. More than 2 million customers. Agents with 10+ years of experience. $700 billion in life insurance secured. Partnered with 10+ highly rated insurance carriers.
No matter your health, budget, or coverage needs, we can help you secure the right life insurance—and peace of mind. Get your free quote in as little as 15 minutes today.
The Different Types of Life Insurance
There are several different types of life insurance policies available, and most fall under two main categories: term life insurance and permanent life insurance. Term life insurance is popular due to its affordability and flexibility, as you only buy coverage for the time period you need. On the other hand, permanent life insurance offers coverage for your entire lifetime and comes with a savings component known as the cash value that accumulates over time. Take a look at some different types to see which might be the best coverage for you.
Term Life Insurance
Term life insurance is the most affordable type of insurance. It lasts a set period of time (called a term) before expiring, allowing you to choose how long you want to be covered. Term lengths typically start at 10 years.
Permanent Life Insurance
Permanent life insurance represents a category of several types of life insurance that offer coverage for your entire lifetime. This coverage type is typically more expensive than term life insurance but offers a cash value component that accumulates over time.
Universal Life Insurance
Universal life insurance provides lifetime coverage and also offers a cash value component that earns variable interest and can be used as a savings account. Universal coverage is typically more expensive than other types of coverage.
Term Life Insurance
Term life insurance is the most affordable type of insurance. It lasts a set period of time (called a term) before expiring, allowing you to choose how long you want to be covered. Term lengths typically start at 10 years.
Permanent Life Insurance
Permanent life insurance represents a category of several types of life insurance that offer coverage for your entire lifetime. This coverage type is typically more expensive than term life insurance but offers a cash value component that accumulates over time.
Universal Life Insurance
Universal life insurance provides lifetime coverage and also offers a cash value component that earns variable interest and can be used as a savings account. Universal coverage is typically more expensive than other types of coverage.
Why buy life insurance?
Life insurance is one of the easiest ways to provide financial protection for your loved ones. According to the Life Insurance Marketing and Research Association (LIMRA) 2024 Insurance Barometer Study, 66 percent of Americans are concerned about their family’s finances if they were to pass away. Life insurance can help ease that burden, offering security and peace of mind that your loved ones will be able to financially manage the loss of your income if you were to pass away.
Benefits of Life Insurance
Life insurance has many advantages, ranging from financial to emotional. These include:
Income Replacement: Life insurance can replace your lost income when you pass away, ensuring your loved ones can still afford day-to-day expenses as well as long-term financial obligations.
Investment Opportunities: Permanent life insurance policies offer a cash value savings component that can be used as an additional investment tool for your financial portfolio.
Estate Planning: Having life insurance can help facilitate estate planning by making it easier to plan for the division of your assets.
Peace of Mind: Above all, life insurance offers invaluable peace of mind that your loved ones will be protected if you pass away.
When to Get Life Insurance
Life insurance can benefit you at any stage of life. However, major life transitions can be an ideal time to purchase coverage. These include:
Getting Married
When you get married, your financial lives combine. Having spouse life insurance ensures that a surviving partner isn't left handling shared debts, co-signed loans, or household bills alone on a single income if the unexpected happens.
Starting a Family
Bringing a child into the world brings new financial needs. Life insurance for new parents helps cover childcare costs, everyday care, and long-term goals like college tuition, ensuring your kids are supported no matter what.
Purchasing a House
A home is often a family's largest financial commitment. Getting life insurance for homeowners gives your family the funds to pay off the mortgage, allowing them to stay safely in their home without financial hardship.
Preparing for Retirement
As you prepare for retirement, a permanent life insurance policy can provide tax-advantaged cash value to supplement your retirement income, help cover estate taxes, or leave a lasting legacy for your heirs.
Whether you’re buying a house and starting a family in your thirties or planning for retirement during your forties, life insurance can help make sure that your loved ones will be protected throughout life’s most significant milestones.
How Much Life Insurance Do I Need?
To figure out how much coverage you need, you can use a simple guidelines framework called the DIME method. DIME stands for Debt, Income, Mortgage, and Education:
Debt: Add up all your short-term and personal debts, like credit cards, car loans, and personal loans, plus estimated funeral costs.
Income: Multiply your current annual salary by the number of years your family will need financial support (often until your children are grown).
Mortgage: Calculate the remaining balance on your home mortgage so your family can keep their house.
Education: Estimate the future costs for your children's college tuition and schooling needs.
Adding these four numbers together gives you a quick baseline for how much coverage to buy. You can learn more about finding your correct coverage amount with our guide.
Factors That Determine Your Life Insurance Rates
Insurance companies look at several health and lifestyle factors to figure out your monthly rates:
Age: Younger applicants usually get the lowest monthly prices.
Gender: Statistically, women have longer life expectancies, which often results in slightly lower premiums.
Overall Health and BMI: Your height, weight, blood pressure, and cholesterol readings play a big role in your rates.
Family Medical History: A history of heart disease, cancer, or other major health conditions in your immediate family can affect your rate.
Tobacco and Nicotine Use: Smokers and nicotine users typically pay higher rates than non-users.
Hobbies and Occupation: High-risk jobs or dangerous hobbies like scuba diving or skydiving can increase your costs.
The Life Insurance Application and Underwriting Process
Getting covered doesn't have to be complicated. Here is how buying a policy works step-by-step:
Getting a Quote: You share a few basic details about yourself and your coverage goals to see initial price options.
The Phone Interview: A licensed agent helps you complete your formal application over the phone to make sure all details are accurate.
The Medical Exam: If required, a standard medical exam is scheduled at your home or workplace at no cost to you (many applicants can skip this step).
Underwriting Review: The insurance company reviews your health data and application details to lock in your final monthly rate.
Policy Approval and Delivery: Once approved, you accept your policy, make your first payment, and your coverage begins.
Get Instant Term Life Insurance and Skip the Medical Exam
SelectQuote makes securing instant life insurance simple, quick, and hassle-free. Instant life insurance allows you to bypass the life insurance medical exam in favor of a quick online application, with most applicants receiving approval in less than an hour. People 60 years old and younger who are in generally good health may qualify for up to $5 million in coverage without the need for a medical exam—some policies less than $1 a day.
Tips For Purchasing Life Insurance
When it comes to ensuring your family's financial protection, purchasing the right life insurance policy can provide much-needed security and peace of mind. However, navigating the ins and outs of life insurance can be overwhelming. From understanding your coverage needs to comparing policies and evaluating reputable insurers, here are some tips to help you find the right policy for you and your loved ones.
Use a Life Insurance Calculator
Understanding how much coverage you need will help you narrow down the options available to you. If you’re not sure how much coverage is right for you, our life insurance calculator is a good place to start.
Don’t Get Sticker Shock From an Online Quote
Online-only life insurance quotes can provide quick and easy estimates, but they’re just that—an estimate. A phone call to a licensed insurance agent can provide you with a personalized, accurate quote in just minutes. SelectQuote’s agents offer real-time support tailored to your needs, so you can feel confident that the coverage you secure is the right choice for your needs and budget. Reach out today to learn about your options from our suite of highly rated carriers—some policies less than $1 a day.
Compare Life Insurance Plans
Comparing life insurance plans can not only help you decide what carrier and coverage amount is right for you but also what type of life insurance policy best meets your needs. With options like term life insurance, permanent life insurance, and final expense insurance, you may not know which policy type is best suited to your unique coverage priorities. A quick call to a SelectQuote licensed insurance agent can help you narrow down your options, as they can make personalized recommendations from our suite of highly trusted carriers based on your needs and budget..
How does buying life insurance with SelectQuote work?
Researching and gathering life insurance quotes can be a long, complex process—but SelectQuote’s breakthrough technology makes it quick and easy. Within minutes, an agent can give you unbiased price comparisons from a variety of trusted insurance companies.
What our customers say
“Very helpful, and the new plan they found for me will save me a lot of money in the coming years!”
What our customers say
“Very helpful, and the new plan they found for me will save me a lot of money in the coming years!”
Life Insurance FAQs
What is a life insurance premium?
Premiums are how you pay for the life insurance policy, with payments typically happening monthly or annually.
What is a death benefit?
The death benefit is a tax-free payment from the life insurance company when you pass away. Your coverage amount is the amount that is paid to your beneficiary.
What is a life insurance beneficiary?
A beneficiary is a person or persons who receive the death benefit. Typically beneficiaries are spouses, children, a trust, business partner(s), friends, a nonprofit organization, or other legal connections and organizations.
How much is $100,000 in life insurance a month?
The monthly cost of a $100,000 life insurance policy will vary significantly depending on factors like your age, lifestyle, gender, and the type of policy. According to a USA Today analysis, the cost of a $100,000 term life insurance policy for a healthy 30-year-old could look like this:
10-year term: $7 per month
20-year term: $8 per month
30-year term: $11 per month
Do you pay taxes on life insurance?
Generally, life insurance payouts you receive as a beneficiary are tax-free. However, any interest you receive is taxable and you should report it.
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