Term vs. whole life insurance: Which one is for you?
"Term life insurance covers you for a certain period of time (usually between 10 and 30 years), while whole life insurance policies are good for the entirety of your life."
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Life insurance is an investment in your family’s future — but many of us don’t get enough.
that don't change during your initial term.
you can add on to your employer-provided coverage.
to fit your unique needs.
up to 5 years before your initial policy ends.
with no additional hurdles.
helping families protect their loved ones for 110+ years.
Premium waivers can be issued from ages 18 to 55 ‐ payable if you’re unable to work for two years following disability, and any occupation insured is reasonably suited for thereafter. Subject to terms and conditions.
Add on additional coverage for accidental death. Your maximum is the lesser of the face amount of your base policy and $250,000. Issue ages are from 18 to 60.
Your kids can get coverage too, with policies ranging from $1,000 to $25,000. Base insured issue ages from 18 to 64.
Included at no extra charge (unless you decline when you apply). Elect up to 85% (97% in FL and NY) of death benefit ($250K maximum) if you have a terminal condition with less than 24 months (12 in FL and NY) to live. Death benefit remaining after benefit payment must be at least 10%.
Check out the savings for yourself:
| Our Rate | Farmers Insurance | |
|---|---|---|
| Male, 40 years old | $22.05* | $26.35* |
| Female, 40 years old | $17.64* | $23.18* |
*Savings calculated based on a comparison of like plans from Kasasa powered by Protective(R) and Farmers Insurance in June 2020. Plan prices compared were of a monthly premium based on a $100K simplified-issue term life insurance plan with a 10-year term for a 40-year-old male and female in excellent health as of June 2020.
L
Loans and liabilities
I
Income replacement
F
Funeral expenses
E
Education/ estate planning
Take your L·I·F·E total and subtract your current assets and savings to find the total coverage amount you need.
Life can be unexpected. Understand your options.
"Term life insurance covers you for a certain period of time (usually between 10 and 30 years), while whole life insurance policies are good for the entirety of your life."
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"It’s not the most exciting conversation to have, but it will be one of the most important ones."
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"If you are a homeowner, make sure the policy you choose will help those you leave behind to afford your home — and all the other related expenses that come with it."
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