FAQs

How much does life insurance cost?

The cost of life insurance depends on several factors. In general, the younger you are, the more affordable your premiums will be. Other key factors that influence your rate include:

• Your overall health and lifestyle
• Your job or occupation
• The type of life insurance policy you select
• The amount of coverage you’re applying for

When is the best time to get life insurance?

According to a 2021 survey by the Life Insurance and Market Research Association (LIMRA), nearly 40% of policyholders said they regretted not buying life insurance sooner. That’s because life insurance typically becomes more expensive as you get older. The earlier you buy a policy, the more you can save over the course of your lifetime.

Should my spouse and I both have life insurance?

If your household relies on both incomes to maintain your lifestyle, then each of you should consider having a policy. Even if one spouse doesn’t earn an income, their role still holds significant value—life insurance can help the surviving partner manage daily responsibilities and maintain financial stability.

Who needs life insurance?

Life insurance is especially important for families with young children, as it helps ensure kids are financially supported and can afford future expenses like college. Even if one parent is a stay-at-home caregiver, life insurance can help the surviving spouse manage essential responsibilities like childcare and household upkeep. Those without children—or whose children are grown—may still benefit from life insurance to cover debts, funeral costs, estate taxes, or even to access cash value during retirement. Military members might consider it as a supplement to SGLI or a more affordable alternative to VGLI.