Best Life Insurance Companies

If your death would have a financial impact on the people you love, it might be time to consider life insurance. The rule of thumb is once you become a parent, all income-earning adults in your household should have a life insurance policy in effect until your youngest child leaves the nest for college. Should something happen to you, your life insurance policy would pay off the mortgage, debts, and other obligations.

You can borrow money from your life insurance policy if it carries a cash value. Importantly, only permanent and whole life policies carry a cash value, so you won't be able to borrow against your term policy.

Life insurance protects your beneficiaries in the event of your death. But most policies have exceptions. If you die as a result of certain risky activities or under other circumstances, your beneficiaries might not receive a death benefit.

There is no time limit to file a life insurance claim, but beneficiaries also have no need to delay in filing one.

A guaranteed insurability rider allows you to increase your life insurance coverage without taking a medical exam.