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What type of life insurance is right for me?
The most common choice for life insurance coverage is term life insurance. Term insurance is typically the most affordable option, is easy to understand, and can be a simple way to ensure your loved ones are financially secure should something happen to you. However, life insurance isn’t one-plan-fits-all, and there are additional types of coverage that might be better suited for others—whether it be permanent life insurance or final expense insurance.
At SelectQuote, we get to know your situation to help you find a life insurance policy that best suits your needs. We shop some of the nation’s most trusted life insurance companies on your behalf, compare prices and coverage for you, and help you weigh out your options, all in just minutes.
Types of Life Insurance
There are many different types of life insurance coverage to choose from, but the most common are term life insurance and permanent life insurance. Term life insurance is meant to only provide coverage for as long as you need it, while permanent life insurance is designed to last your lifetime. The right fit for you will depend on factors like your age, financial goals, and whether you have dependents. Luckily, we’re here to help you find the policy that best suits your needs. The main types of life insurance SelectQuote can help you explore include:
Term Life Insurance: Term life insurance is one of the most common and affordable ways to provide your family with a financial safety net if you were to pass away. With term lengths spanning from 10 to 30 years, this policy type is easily customizable to your needs. The flexibility of term life insurance allows you to select coverage that best aligns with your current and future financial goals.
Whole Life Insurance: Whole life insurance is a type of permanent life insurance that provides a set amount of coverage to last your entire lifetime, as long as premiums are paid. And, as your premiums accrue, your policy builds a cash value component. This component can be borrowed against to be used for expenses like retirement planning, debt repayment, and investments like starting a small business.
Universal Life Insurance: Universal life insurance is another type of permanent life insurance. Just like whole life insurance, the cash value accrues and earns interest as you pay the monthly premium. While permanent policies like universal life insurance are more expensive than term life insurance, the cash value component is appealing to many policyholders, as it acts as a savings account and can be used for a variety of financial goals.
Final Expense Insurance: Final expense insurance helps cover end-of-life costs like funeral expenses, credit card debt, medical bills, and more. This type of coverage can help your loved ones navigate financial responsibilities during a difficult time. A significant benefit to final expense insurance policies is that most don’t require a medical exam. There are several types of final expense coverage to choose from, including guaranteed issue life insurance, simplified issue life insurance, and critical illness insurance.
Three Steps to Find the Best Life Insurance for You
Now that we’ve discussed the different life insurance policy types available to you, you may be wondering which is the right fit for your situation. Taking the time to evaluate your personal financial goals and needs will help you narrow down your options, and we can help you get started. Here are three simple steps to help you figure out what kind of life insurance might be the best fit for you.
1. Decide How Much Life Insurance Coverage You Need
The amount of insurance needed varies for everyone, but it’s common to aim for 10-15 times your annual income. Our life insurance calculator can give you a head start in figuring out how much life insurance coverage might be right for you.
2. Get a Free Life Insurance Quote
Getting a free life insurance quote is as easy as connecting with us! We’ll ask you for some personal information and get to know more about your lifestyle, ensuring we’re looking for the kind of coverage that’s right for you. The more information you know before we get started, the more accurate your quote will be.
3. Talk to a SelectQuote Life Insurance Agent
Shopping for life insurance on your own can be time-consuming and overwhelming, but we make the process quick and convenient. We can help answer any questions you have, and in just minutes, can provide you with unbiased coverage and cost comparisons from the trusted insurance companies we work with.
Still have questions? We’re here to help:
Find the Right Type of Life Insurance for You
The easiest way to discover what kind of life insurance is right for you is by working with SelectQuote. We can quickly help you compare policies and prices from our trusted carrier partners, making sure you’re getting the coverage you need at a rate that works with your budget.
We do the shopping. You do the saving.
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