Term life insurance is popular because it’s one of the most affordable ways to help protect your family financially after the loss of a parent or family provider. Term provides coverage for just the number of years you select, so it costs less than other types of life insurance, like Whole Life. Many parents choose Term insurance because they want the most amount of coverage for the lowest cost.

Employee group life insurance is a great benefit but usually doesn’t provide enough coverage for your family. The coverage provided may be up to $50,000 or perhaps 1-2x your yearly salary. (For example, if you make $75,000 a year, you may only be able to get $150,000 in coverage.)

If you have young kids, or a lot of debt and expenses, that is usually not enough coverage to give your loved ones the financial support they’ll need. Also, you typically lose that insurance coverage if you leave your job. So, most agree that it’s a good idea to have your own life insurance policy in addition to any coverage through your employer.

As a general rule of thumb, 7–10 times your annual income is a good starting point. If your family has greater financial needs (for example, a large mortgage or future college tuition costs) you might consider more coverage. Also, consider what works with your budget.

Absolutely not. With our Family Plan Term Life policy, the amount you agree to pay when your coverage starts stays the same throughout your policy’s term.

At the end of the term, your policy coverage ends. If you decide your family is still in need of coverage, you can renew your policy at the premium rate for your age at that time — with no physical exam, depending on your age and coverage amount. This represents a significant advantage for individuals whose health status may have changed during the policy term. Coverage can continue until age 95 with premiums increasing annually. Also, you can choose to convert your term life policy into a whole life policy within a certain time frame.

In many cases a medical exam is not needed. Coverage is dependent on answers to health questions. However, if applying for more than $1,000,000 in coverage or if older than 55 and applying for more than $100,000 in coverage, a medical exam will be needed.