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Life insurance isn’t one-plan-fits-all. At SelectQuote, we simplify the process, allowing you to compare some of the most trusted life insurance carriers in the U.S. in just minutes.
What is life insurance?
At its most basic definition, life insurance is a contract between you and a life insurance carrier. However, the true value of life insurance is much more meaningful. A life insurance policy can provide peace of mind that those who matter most to you will be financially protected if you were to pass away unexpectedly.
When shopping for life insurance, you’ll have much to consider, including the type and amount of coverage to purchase. The two most common policy types are term life insurance and permanent life insurance, but the right type of coverage will vary from person to person. At SelectQuote, we’ll help you decide the policy and coverage amount that’s right for your situation. We partner with some of the nation’s most trusted insurance carriers to provide you with unbiased quotes and cost comparisons—without the hassle. Let’s walk through the importance of holding a life insurance policy so you can understand all the options available to you.
Understanding Life Insurance
A life insurance policy can not only help with final expenses, but can help your loved ones take care of day-to-day and long-term financial obligations. Common advice recommends life insurance coverage that’s 10-15 times your annual income, but our life insurance calculator can help you get a better picture of the right coverage amount for your needs.
If you’re questioning whether you need life insurance, remember that it’s one of the easiest and most affordable ways to ensure your family and loved ones have a financial safety net. A life insurance policy allows those who depend on your income to continue meeting expenses like a mortgage, college tuition, utilities, and any other daily expenses. With many different types of coverage available, it can be hard to know where to start, but we’re here to help you navigate the process to find the right fit for your needs.
Consider Your Life Insurance Policy Options
While term life insurance is a popular choice due to its affordability and flexibility, you should also consider the advantages of permanent life insurance when deciding what type of policy to purchase. Every person’s situation is different, so it’s best to do research on both term and permanent coverage before you commit to a specific policy type. Read on to learn more about the different types of coverage and their unique benefits.
Term life insurance is the most affordable type of life insurance, as it only provides coverage for as long as you need it. If you’re looking for a lower premium while still maintaining quality coverage, term life insurance is a great choice. It also provides added flexibility in that it allows you to choose how long you want to be covered. Common term lengths are 10, 15, 20, 25, or 30 years.
Permanent life insurance, on the other hand, provides coverage for your entire lifetime. People with more complex financial situations and/or large estate planning needs often choose this option. It also offers other benefits, such as having cash value which can be borrowed against during the policy’s lifetime. While whole life insurance is often more expensive than term policies, it provides lasting coverage, and the cash value component appeals to many people as a financial and investment resource.
Determine How Much Life Insurance Coverage You Need
How much life insurance coverage you need varies from person to person, but it’s always important to consider those who would be dependent on the policy if something were to happen to you. You should not only think about their immediate needs, but also any future needs such as day-to-day expenses, education, debt, and more. Our life insurance calculator can help you figure out how much coverage would be good for you and your needs.
Purchase the Right Life Insurance Policy for You
Getting started with the life insurance shopping process may seem overwhelming, with many coverage options and different carriers to consider. SelectQuote is here to help. With nearly 40 years of industry experience, we’re well-practiced in helping people like you find the right policy at the right price. And, we do it all in just minutes using our proprietary technology, saving you time so you can quickly find your loved ones the protection they need.
Find the best life insurance policy for you with SelectQuote
If you’re not sure what policy type, coverage amount, or carrier to get started with, we can help. At SelectQuote, we make buying life insurance quick, easy, and convenient. Our licensed insurance agents will take the guesswork out of your hands by gathering a variety of plan details on your behalf. Get started today with a free quote.
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