Not all life insurance is the same. Get a free instant online quote and learn more about the types of insurance available before you pick which is best for you.
Why get life insurance? First and foremost, to protect your family and those who depend on you for financial support. All life insurance will provide a payout to your beneficiaries if you pass away, but different kinds of policies can provide other benefits as well. The best way to start learning about your options is by seeing how easy it can be to get that protection.
This coverage lasts for a limited time, typically 10, 15, 20, or 30 years. It's very easy to get a quote and buy term coverage, and it's also typically more affordable than permanent whole or universal life insurance. However, when your term ends, you're no longer protected – you either have to apply for a new policy at a higher cost (because you're older) or go without. However, many term policies (such as those from Guardian) may let you transition to a permanent policy in the future. You may also be able to get a policy through your employer at a lower group rate.
This is permanent life insurance coverage that can provide guaranteed protection for the rest of your life while earning additional cash value that can be used for things like policy loans8. Whole life policies don't expire as long as your regular premiums are paid. Policies from a mutual life insurance company (such as Guardian) may also provide dividends, helping you fund life's other financial opportunities.1,2,3
Like whole life insurance, this type of policy provides permanent protection and can earn additional cash value. However, universal life insurance can give the added flexibility of adjusting your monthly payments within a specific range to help you better deal with changing work circumstances.4
When you get a quote, the rate is affected by many variables, including the life insurance company, policy type, coverage amount, length of term, gender, health status, and other factors. According to the Life Insurance Learn Center7, the monthly cost for $1,000,000 of coverage for the average male at age 30 is $48; at age 40, it's $73; at age 50, it's $177. Women tend to live longer and enjoy slightly lower rates, so $1,000,000 of coverage for a female age 30 is $37; at age 40, it's $53; at 50, it's $133.
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