life insurance

Life insurance is important, as it protects your family and lets you leave them a non-taxable amount at the time of death. It is also used to cover your mortgage and your personal loans, such as your car loan. Your individual life insurance follows you when you retire and you are no longer insured by your employer.

There are basically two types of life insurance: term life and permanent life. Term life covers you for a fixed amount of time while permanent life insurance can cover you until the end of your life. Generally, term life insurance is cheaper to purchase than permanent life.

The best type of life insurance for you depends on your budget and your financial responsibilities.

Term life insurance policies are usually the best solution for people who need affordable life insurance for a specific period in their life. If your goal is to protect your family from financial loss if they had to live without your income, term life is likely a good fit for you.

Permanent life insurance policies, including whole, universal and variable life insurance, are best for people who can afford much higher premiums, have permanent coverage needs, or want to use life insurance to diversify their investment strategy. 

If you’re already maximizing contributions to traditional tax-advantaged accounts like a 401(k) and Roth IRA and want another investment vehicle, permanent life insurance could work for you.

Final expense insurance can be an option for people who might not be able to get insured otherwise because of age or serious health conditions, or elderly consumers who don’t want to burden their families with burial costs.

Group life insurance, also called group term life insurance, is one life insurance contract that covers a group of people. It’s usually offered by employers, but may also be offered by unions and trade organizations.

Group life insurance is often subsidized by your employer or organization, so you pay little or none of the policy’s premiums. You get coverage up to a limit, usually $50,000 or one to two times your annual salary — so you usually need to buy additional coverage on your own to fully protect your loved ones.

Best for: Anyone who’s offered group life insurance by their employer.

Pro: Convenience — group policies provide guaranteed coverage at little or no cost to employees regardless of your health profile.

Con: Limited coverage — and you usually lose coverage if you leave your employer.

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