Life Insurance Quotes

Life insurance is a type of coverage that pays out a lump sum benefit in the event you die. It provides financial security for people, such as family, loved ones, and business associates, who would be financially distressed if you were no longer alive to work and provide income. It is also useful to cover funeral, estate settlement, and debt repayment costs that arise when a person dies.

There are many variables that affect the cost of life insurance, including personal details, policy choices, and underwriting factors. That makes it’s impossible to provide a standard amount for everybody. However, you should be able to find a policy that fits within your budget.

If you're feeling overwhelmed by all the different types of life insurance, don't worry — you're not alone. From term life to whole life, personal policies to group policies, and all of the insurance jargon in-between, shopping for life insurance can quickly become a complicated endeavor. Here, we provide a brief overview of the different types of life insurance to help you get started.

When it comes to how much life insurance you need, ask yourself: How much will those dependents need to cover your obligations if you’re gone. This is a difficult question to answer. You can’t predict the future. You don’t know when you will pass away. And it’s challenging to determine what your survivors might need in 10, 20, or 30 years.

Life insurance payouts are generally not taxable. If your beneficiaries receive a one-time payout of the policy’s death benefit, they will not have to report the proceeds as income when they file their taxes. Your beneficiaries will not receive a 1099 for life insurance proceeds. There are, however, scenarios in which life insurance proceeds may incur a tax bill.

Term life insurance is a policy that guarantees payment of a stated death benefit if the covered person dies during a specified term. The term of your insurance coverage begins on the date the policy is issued. Provided you pay the required premiums, the coverage will remain viable until the end of the term. Term lengths typically include 10, 15, 20, 30, and 40 years.

Whole life insurance policies guarantee payment of a death benefit in exchange for level premium payments. Another way to define whole life insurance is that it’s a life insurance policy guaranteed to remain in force for the insured’s lifetime or to a maturity date, as long as required premiums are paid. It is designed to provide coverage for the life of the insured.