Life insurance, explained.
Life insurance helps protect the people who depend on your income. This page is a plain-language introduction — no quotes, no carriers, no pressure.
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What life insurance is
At its core, life insurance is a contract: you pay premiums, and the policy pays a death benefit to your beneficiaries if you pass away while covered. It's a tool for transferring financial risk away from the people who rely on you.
A death benefit
A tax-free lump sum paid to beneficiaries you name, generally used to replace income or cover obligations.
Premiums you pay
Regular payments that keep the policy in force. Cost depends on coverage amount, type, age, and health factors.
Beneficiaries you choose
The people or organizations you designate to receive the benefit. You can update them as your life changes.
Types of life insurance
Three categories cover most needs. Each balances cost, duration, and cash value differently.
Term life insurance
Coverage for a set period — typically 10, 20, or 30 years. Often the most affordable way to protect income replacement during key years, such as while raising children or paying a mortgage.
Whole life insurance
Permanent coverage that lasts your entire life and builds cash value over time, with generally fixed premiums. Costs are typically higher than term.
Universal life insurance
Permanent coverage with flexible premiums and a cash value component that may earn interest. Offers more adjustability than whole life, with more moving parts to understand.
Considerations before you choose
There's no one-size-fits-all answer. These questions are a useful starting point for a conversation.
Income replacement
A common starting point: how many years of income would your family need if your earnings were no longer there?
Debt and obligations
Mortgages, loans, and other debts can pass to loved ones. Coverage can help address what would be a burden.
Long-term goals
Funding education, leaving a legacy, or supporting a business transition can all shape how much coverage makes sense.
Frequently asked questions
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