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What is Life Insurance?
Life insurance is a type of insurance policy that provides financial protection to the policyholder's loved ones in the event of the policyholder's death. The policy pays out a death benefit to the policy's beneficiaries, which can be used to cover expenses such as funeral costs, outstanding debts, or lost income.
There are several different types of life insurance, and each has its own features and benefits.
Term Life Insurance
Term life insurance provides coverage for a specific period of time, such as 10, 20, or 30 years. If the policyholder dies during the term of the policy, the policy pays out a death benefit to the policy's beneficiaries. Term life insurance is typically less expensive than other types of life insurance, but the death benefit is only paid out if the policyholder dies during the term of the policy.
Whole life insurance
Whole life insurance provides coverage for the policyholder's entire life, as long as the premiums are paid. In addition to the death benefit, whole life insurance also has a cash value component that accumulates over time and can be accessed by the policyholder while they are alive. Whole life insurance is typically more expensive than term life insurance, but the death benefit is guaranteed, and the policy has a cash value component.
Universal life insurance
Universal life insurance is a type of permanent life insurance that provides flexible coverage options and the ability to adjust the policy's premiums and death benefit. It also has a cash value component that accumulates over time, and the policyholder can access the cash value while they are alive. Universal life insurance is typically more expensive than whole life insurance, but it offers more flexibility and the ability to adjust the policy to meet the policyholder's changing needs.
Variable life insurance
Variable life insurance is a type of permanent life insurance that offers the potential for higher returns on the policy's cash value. The policyholder can choose to invest the cash value in a variety of investment options, such as stocks or mutual funds, and the returns on the investments can increase the policy's cash value and death benefit. However, the investments are subject to market fluctuations, and the policyholder's cash value and death benefit can decrease if the investments perform poorly. Variable life insurance is typically more expensive than universal life insurance, and it is only suitable for policyholders who are willing to take on the risks associated with investing the policy's cash value.
Life Insurance Facts You Need to Know
Life Insurance Facts You Need to Know
Is coverage as expensive as people think? The numbers might surprise you.
Pop quiz: How much do you know about life insurance? Ask yourself these questions—and then find out the facts.
How many people own life insurance?
Most Americans overestimate the cost of life insurance. By how much?
What’s the #1 reason Americans buy life insurance?
What’s the easiest, fastest way to get coverage without hassle?
The amount of protected families has fallen.
Answer: 52% of Americans reported owning life insurance in 2021. That’s a significant decrease since 2011 (63%). The numbers are concerning, considering 6% of kids will lose a parent before age 18, when they need financial protection the most.*
Life insurance is an essential safety net for families, providing financial support if the policyholder passes away unexpectedly. If you have a policy, you can rest easy knowing your loved ones are protected, even if something happens to you.
Our partners at Ethos make it easy to get a quote online. If you’re ready to apply, it only takes a few minutes.
People overestimate the cost of life insurance…by a lot.
Answer: More than half of Americans overestimate the cost of life insurance by at least 3x! Imagine the price of your favorite fancy cup of coffee, and triple it—sounds wild, right? Too many families are letting this misconception stop them from getting valuable coverage. By using a company like Ethos to find a policy, you can see how certain factors, like term length or coverage amount, affect your monthly price.
The price of life insurance increases as you grow older, so it’s a smart move to take action sooner than later. Once you lock in your price, it’s set for the duration of your term length.
Our reasons for life insurance are deeply personal.
Answer: Covering final expenses is the #1 reason 83% of Americans buy life insurance. Additionally, 68% of people got a policy to replace lost income, and 63% wanted to leave an inheritance.
Whatever your reason, Ethos understands getting life insurance is anything but an everyday financial transaction. That’s why they approve 95% of people who apply—because protecting the ones you love most shouldn’t be difficult.
Take action to protect your loved ones.
How to get life insurance today without the hassle of medical exams or long waits? The answer is Ethos. In their application, you answer a few health questions instead of going to the doctor or taking blood tests. If you’re ready to make a plan for life insurance, start by getting a quick quote now.
*Death of a Sibling & Death of a Parent, 2021, Judi’s House/JAG Institute. All other data: LIMRA, Facts About Life 2021
†LIMRA, 2021 Insurance Barometer Study
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