Academy · Life insurance

Life insurance basics.

Life insurance pays a benefit to people you choose if you pass away. The main decision most people start with is term versus permanent coverage.

Term life

Covers you for a set period — commonly 10, 20, or 30 years. Premiums are typically lower than permanent policies, and coverage ends when the term ends unless you renew or convert it.

Whole and other permanent life

Designed to last your entire life as long as premiums are paid, and can build cash value over time. Premiums are typically higher than term coverage for the same death benefit.

How much coverage to consider

People often think about income replacement, outstanding debts like a mortgage, future costs like education, and any final expenses when deciding how much coverage makes sense for their household.

Beneficiaries

You choose who receives the benefit, and you can usually name more than one person or update your choice later as circumstances change.

✓Term is temporary by design.It's built to cover a specific period, like the years a mortgage or a child's upbringing lasts.

✓Health and age affect cost.Applying earlier, while healthy, generally means more favorable pricing.

✓Keep beneficiaries current.Life changes like marriage or a new child are a good reason to review who's listed.

This is general educational information, not personalized advice, and not an offer, quote, or enrollment in any policy. A licensed agent can walk through your specific situation.

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