Life insurance that fits where you are in life

Why people buy life insurance

Life insurance does one simple job: it pays money to the people you choose when you die. What that money needs to do changes over a lifetime. In your thirties and forties it usually needs to replace an income, pay off debts and keep kids on track. Later it often needs to cover a funeral, final medical bills and anything left on the house.

Because those jobs are so different, there isn't one best policy. There's the policy that matches your goal, your age and your budget. The four guides on this page cover the situations we hear about most often from self-employed people, families and retirees.

Term vs. permanent coverage

Term life insurance covers you for a set number of years — commonly 10, 15, 20 or 30. If you die during that term, your beneficiaries receive the death benefit. If you outlive it, the coverage ends. Term is usually the most coverage per dollar, which is why it's the common choice for income replacement.

Permanent coverage, such as whole life, is designed to last your whole life as long as premiums are paid. Final expense policies are a small, simplified kind of whole life built for funeral costs and final bills. They cost more per dollar of coverage than term, but they don't expire at a set age.

• Need a large amount for a set number of years? Start with term.
• Want a home paid off if something happens to you? Look at mortgage protection.
• Want coverage that lasts for life with level premiums? Look at whole life.
• Want a smaller lifelong policy for final costs? Look at final expense, a type of whole life.
• Already maxing retirement accounts and want permanent coverage with index-linked cash value? Learn how IUL works first.
• A veteran? Compare VA benefits with private coverage you own.

How underwriting works

Every application goes through underwriting — the carrier's review of your age, health, habits and the amount you're asking for. Some policies ask a short list of health questions and make a decision quickly. Others may ask for medical records or a paramedical exam, especially for larger amounts or older applicants.

Health history doesn't automatically rule you out. Many conditions that are well managed still qualify for coverage, and some policies are built for people with more serious health histories, usually with limits such as a waiting period before the full benefit pays.

How BeneHub helps

BeneHub is an independent agency. We explain how each type of coverage works, then connect you with a licensed advisor who can compare options from multiple carriers for your state. You can start online and only talk to someone when you're ready.

Insurance carriers pay us a commission. You never pay us a fee, and your premium is the same whether you use us or not. BeneHub serves customers in all 50 states, and you're always matched with an advisor licensed in your state.

Questions to ask yourself first

Before you look at any policy, it helps to answer three questions. Who would struggle financially if you died tomorrow? How many years would they need support? And what debts or costs would land on them first?

Write the answers down. They make it much easier to choose a coverage type and an amount, and they make your conversation with an advisor shorter and more useful. If you already have coverage through work, note how much — it often ends when the job ends, and it's rarely enough by itself.