Life Insurance

Life insurance can provide peace-of-mind that your beneficiaries will be provided for after you die. Learn more about selecting the right policy for you, and how some policies can even serve as retirement savings.
Frequently Asked Questions
  • What are the different types of life insurance?

    The main types of life insurance are term, whole, and universal life insurance. Whole and universal life are permanent life insurance products that stay in effect for as long as the policyholder pays the premium. In addition to death benefits, permanent life insurance features the ability to build cash value on a tax deferred basis and serve as an investment vehicle.

  • How much does life insurance cost?

    Life insurance premium costs vary greatly depending on the type of policy, amount of coverage, and the age and health of the insured. Term life insurance carries the lowest premium costs but, in general, all life insurance policies cost relatively less when purchased earlier in life.

  • When is the best time to buy life insurance?

    Usually the best time to buy life insurance is when you are relatively young and healthy, as this will allow you to get a lower premium versus when you are older or in poor health. Another factor to help determine the timing of life insurance purchase is one’s life stage, such as being newly married with a mortgage or starting a family.

  • Are life insurance death benefits taxable?

    Life insurance death benefits, payable to beneficiaries upon the death of the insured, are typically not subject to federal or state income tax. However, any capital gains that have accumulated on a tax deferred basis on the cash value portion of permanent life insurance are subject to federal income tax upon the death of the insured. The tax-free nature of life insurance death benefit is a primary feature that adds value and peace of mind to this type of financial asset.

Key Terms
How to Get Life Insurance
How to Buy Life Insurance
What Is the Tax Percentage on Life Insurance?
Life Insurance Quote
Get Life Insurance Quotes: Compare Top Insurers
Best Whole Life Insurance Companies
Best Whole Life Insurance Companies of 2022
Best Life Insurance Providers for People Over 50
Best Life Insurance Companies for People Over 50
Shot of an adorable boy dancing on the feet of his father at home
Best Children’s Life Insurance Companies of 2022
Return of Premium Life Insurance Companies
Best ROP Term Life Insurance
Happy family using tablet, laptop for playing game watching movies, relaxing at home
Best Life Insurance for Parents of 2022
Best Life Insurance Companies for Young Adults
Best Life Insurance Companies for Young Adults
Best Universal Life Insurance Companies
Best Universal Life Insurance Companies of 2022
Senior couple at home using tablet
Best Burial Insurance Companies
A woman with cancer is next to her daughter
Best Life Insurance for Cancer Patients
Best Life Insurance Companies for Veterans
The 5 Best Life Insurance Companies for Veterans
Female financial advisor in discussion with client in office conference room
Best No-Medical-Exam Life Insurance
Best Term Life Insurance Companies
Best Term Life Insurance Companies of 2022
8 Biggest Life Insurance Companies
Shot of a young woman hugging her grandmother helping her with her on a laptop
Best Life Insurance Companies for Diabetics of 2022
Saleswoman talking to clients in living room
The 6 Best Life Insurance With Living Benefits of 2022
Life Settlement Companies
The 4 Best Life Settlement Companies of 2022
Life Insurance
Most Affordable Life Insurance Companies of 2022
Woman smoking in outdoor cafe
Best Life Insurance for Smokers
Father and daughter putting up paintings in their new home
The Best Family Life Insurance of 2022
Smiling businesswoman shaking hands with client before meeting
The Best 1035 Exchange Life Insurance Companies in 2022
Life Insurance
Life Insurance Review Methodology
Whole life insurance paperwork, pen, and dollar banknotes.
Indexed Universal Life Insurance (IUL) Meaning and Pros and Cons
Woman standing looking at two roads representing life insurance options
Term vs. Whole Life Insurance: What’s the Difference?
Man and woman signing papers.
Accidental Death and Dismemberment (AD&D) Insurance
Financial advisor helping a senior couple at home
Indexed Universal Life (IUL) Insurance
Magnifying glass over words "Life Insurance" on document
What Is Cash Value in Life Insurance? Explanation With Example
A smiling couple meeting with financial advisor.
Whole Life vs. Universal Life Insurance: What's the Difference?
Indexed Universal Life Insurance: The Pros & Cons
Universal Life (UL) Insurance
Variable Universal Life (VUL) Insurance
Variable Life vs. Variable Universal: What's the Difference?
Explore the Various Types of Term Insurance
Pay Advice
What Does GTL Mean on Your Paycheck?
Differences Between IUL and Whole Life Insurance
Understanding Dividend-Paying Whole Life Insurance
Credit Life Insurance Definition
Hand putting money in a piggy bank
Permanent Life Insurance
group of people in a population standing with backs turned
Group Life Insurance
Group Term Life Insurance: What You Need to Know
Whole life insurance application form and pen.
Whole Life Insurance: Pros and Cons
Life buoy floating on a rippled sea
What Is Group Term Life Insurance?
A paper life insurance umbrella over a paper family
The Truth About Endowment Life Insurance Policies
A one hundred dollar bill cut into tiles
What to Know About Split Dollar Life Insurance
Midsection of Businessmen Signing Contract on Table
Voluntary Life Insurance
A stack of currency bills on top of one another.
Variable Life Insurance: Definition
What Is the Difference Between Term and Universal Life Insurance?
couple sitting with insurance advisor
A Look at Single-Premium Life Insurance
401k and IRA word on egg.
Understanding Indexed Universal Life Insurance vs. IRAs & 401(k)s
senior couple looking at computer together
Variable Life Insurance
Everything You Should Know About Corporate-Owned Life Insurance
A picture of a life insurance policy
Adjustable Life Insurance
A couple having meeting with financial advisor or insurance agent at home.
What Is Decreasing Term Life Insurance?
Insurance
Second-To-Die Insurance Definition
5 Life Insurance Questions You Should Ask
Insurance spelled out in Scrabble tiles
Guaranteed Issue Life Insurance
Single-Premium Life Insurance
Is Annual Renewable Term Insurance Right for You?