Life Insurance – Compare Coverages and Rates

Life insurance is your financial safety net

Life insurance can help your family maintain the lifestyle they’re accustomed to and provide longer-lasting financial security. A life insurance payout can be used for everyday expenses, retirement savings, or just about anything else your family may need.

Of those surveyed,† 25% say one of their biggest concerns is leaving financial burdens to loved ones if they pass away. Life insurance exists to ease those worries. You may still get a policy if you are a tobacco user, have Type 1 or Type 2 diabetes, or have a chronic illness. Quote life insurance today and see how your family could be better protected.

†2018 insurance barometer survey

Types of life insurance

Life insurance consists of two basic types: term and permanent. Term insurance is less expensive and has a set timeframe. Permanent life insurance lasts your entire lifetime (assuming you continue to pay the premiums) and is divided into two sub-types: whole life and universal life. Picking which type is best for your family depends on several factors, including your budget and how the funds are accessed.

While permanent life insurance is generally more expensive than term life insurance, permanent policies can guarantee there is money for your kids and possibly your grandchildren. Benefit amounts range from $50,000 to more than $1 million and are paid even if you live past 100. A term life insurance policy, by comparison, covers you for a set amount of time.

How much life insurance do you need?

Like any other type of insurance, you can decide which life insurance options best meet your needs. You determine how much coverage you need (from $5,000 up to a $1 million policy), how long you need it, who’s covered, and when you pay your premiums.

Usually, you can choose to pay monthly, quarterly, or annually for 10, 20, or 30 years of coverage, though lifetime coverage is also available. If you just started a family, consider a 20-year term that would provide a financial safeguard for your kids until they’re at least 18-21. If you don’t have children, a 30-year term may be a better option. A 10-year term may be the best fit if you’re looking to supplement another policy, you’re closer to retirement, or your financial situation is tighter but you want to provide at least some protection for your loved ones. If you’re a homeowner, you may want to consider how many years are left on your mortgage when deciding on your policy length.

How much does life insurance cost?

Life insurance rates are more affordable than you might think, starting at just $15 per month with eFinancial.* Coverage options begin at $50,000 and go all the way up to $1 million. The younger and healthier you are, the more affordable your rates can be.

Find the right plan and rate for you

eFinancial works with highly rated life insurance companies to help bring you competitive rates and a variety of simplified life insurance options, such as RAPIDecision® Life—giving you the possibility to purchase life insurance with no exam.

You can instantly compare policy options and estimated rates from several leading life insurance companies for a quick and easy approval.

Learn more about life insurance

Additional questions? Progressive Answers is your resource for all of your questions surrounding life insurance.


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