Life insurance, sized for the people who count on you.

Life insurance replaces money your household would lose if you died: your income, the unpaid work you do, or debts that someone else would have to cover. The right policy depends less on product features and more on how long people will depend on you and how much they would need.

Term and permanent coverage

Term life covers a set period, commonly 10, 20 or 30 years, and pays only if you die during that term. It is usually the least expensive way to buy a large amount of coverage for a defined need, such as the years until a mortgage is paid or children are independent.

Permanent life (whole life, universal life and variations) is designed to last for life and may build cash value. Premiums are much higher for the same death benefit, and the policies are more complex, so it is worth understanding the guarantees, fees and what happens if you stop paying.

Final expense policies are small permanent policies intended to cover funeral costs and final bills, often with simplified underwriting.

How much coverage?

Rather than relying on a single rule of thumb, add up what your household would need: years of income replacement, the mortgage and other debts, future costs such as childcare or education, and final expenses. Then subtract savings and any existing coverage, including a workplace policy, which usually ends if you leave the job.

Applying and naming beneficiaries

Applications ask about health, habits and family history, and many fully underwritten policies include a short paramedical exam. Answer accurately: misstatements can cause problems when a claim is filed. Name primary and contingent beneficiaries, keep them current after marriage, divorce or a birth, and think carefully before naming a minor directly.

The guides below cover each decision. When comparing quotes, keep the coverage amount and term identical so the prices are truly comparable.