Understanding your life insurance policy options

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Compare your life insurance options

Life insurance companies offer multiple types of policies. The two most popular types are term life and permanent life. Under the permanent life insurance umbrella is whole life, universal life, and variable universal life insurance, which all offer lifetime coverage.

Whole life insurance

Whole life insurance is permanent policy that has a cash value. You can borrow or withdraw money from the cash value while you are alive.

Term life insurance

Term life insurance lasts for a specific period of time, usually 10 to 30 years. These policies are more affordable than a permanent life insurance plan because they don’t last a lifetime and don’t have a cash value.

Permanent life insurance

With instant approval, you don’t have to fill out multiple forms, get a medical exam or wait a month to find out if you’re approved.

Life insurance for active military

There are specific policies available for military members, such as the service members’ group life insurance policy, which automatically signs up service members who qualify.

Universal life insurance

With universal life insurance, you’re insured for life as long as you make your premium payments. Universal life is different from whole life because it offers premium flexibility.

Life insurance for seniors

Age impacts life insurance approval and rates, but senior citizens still have life insurance options. Short-term life policies are usually available before the age of 75 and final expense life insurance policies are available to seniors until they reach 80.

What to know when shopping for life insurance

Best life insurance companies

Insure.com analyzed customer satisfaction and financial stability data to give consumers insight into which insurer might be right for their needs. Here are the best life insurance companies for 2024:

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Life insurance advisor

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What type of life insurance policy should I get?

Your policy needs may change over time, so do your research and consult with an insurance agent to find the best policy type for you.

How do you decide what coverage you need?

Your amount of coverage generally depends on how much money your dependents need to continue with their current standard of living without your support. Be sure to consider outstanding loan balances, monthly bills, and plans for the future.