Frequently Asked Questions

It can help cover some of life’s biggest expenses, like a home mortgage, debt, your children’s college tuition, and it can also replace lost income. Your policy can also help cover everyday expenses—anything your beneficiaries need, really. Ultimately, it’s up to them to decide how to use the payout. 

Personal finance experts recommend that you have savings and/or coverage that are at least ten times your annual salary, if not more. If you have already built up enough savings to provide that safety net on your own, then you may not need life insurance. If your savings falls a bit short, getting a term or guaranteed issue whole life insurance policy can help protect your family’s future.

Most of our customers are one or more of the following:

• Parents: According to USA Today, it costs about $234K to raise a child to adulthood, not including college tuition. A life insurance policy can help ensure financial security for your family.
• Homeowners: A mortgage is likely the most significant debt you will ever take on. If you are a homeowner, consider a life insurance policy that lasts the same length as your mortgage term so your family is not stuck in a financially unsustainable situation.
• Partners: You’d do anything for your partner, which means ensuring they are taken care of if you die unexpectedly. Be sure to take into account any shared debt, expenses, and future financial plans.
• Students: Your debt doesn’t disappear when you die. If you had a private student loan, your parents or other cosigners might be on the hook for your debt if you pass away.
• Business owners: It’s not just your family that depends on you when you own a business. Ensuring your business can still run even after you're gone is a smart move.
• Retirees: It’s natural to have concerns with covering your final expense if you’re at or approaching retirement age. A whole life insurance policy can help cover these expenses, giving you and your loved ones valuable peace of mind.
• Caretakers: If someone depends on you, like an elderly parent or family member with a disability, what would happen to them if you weren’t around? You may want to consider coverage to make sure they’d be taken care of.

Employer-sponsored policies typically offer coverage that is about 1-2X your annual salary, which is a fraction of the coverage you need. Financial experts recommend having coverage that is about 10X your salary, which is why many people buy individual term policies to supplement their coverage through work. 

 All U.S. citizens and permanent residents 18+.

A common and easy way to come up with a coverage estimate is to multiply your annual income by 10. Another way is to calculate your long-term financial obligations and then subtract your assets. The remainder is the gap that life insurance needs to fill. It can be difficult to know what to include in your calculations, so we created a life insurance calculator to help you determine your coverage needs.