Is life insurance worth it?

It’s easy to be overwhelmed when shopping for life insurance. With the varying costs, types of policies and potential medical exam, you may be asking yourself, is life insurance really worth the time and cost? Here we explain the invaluable peace of mind that comes with purchasing a life insurance policy and why it just might be worth it for you. 

Types of Life Insurance

The two most common types of life insurance are term life insurance and permanent life insurance.

Term Life Insurance

Term life insurance is one of the most affordable and straightforward types of life insurance. Like its name, you have the option to choose the “term” or length of coverage so you only buy a term policy for as long as you need it. 

The cost of term life insurance is determined by a number of factors, including your age, amount of coverage, health and lifestyle, but since you only pay for it as long as you need it, term life insurance is typically more affordable than other types of life insurance. 

Permanent Life Insurance

Permanent life insurance includes several types of life insurance without a preset expiration date, such as whole life insurance and universal life insurance. 

Whole Life Insurance

Whole life insurance provides a set amount of coverage for your whole life as long as you keep paying the premiums. In addition to providing a death benefit, it can also include a savings component known as the cash value.

Universal Life Insurance

Universal life insurance gives you coverage for the rest of your life, with the value accruing and earning interest as you pay your monthly premiums, leading to the opportunity to also act as a savings account.

When You Should Buy Life Insurance

When it comes to purchasing life insurance, sooner is always better than later. Here are a few specific instances, however, that might have you considering life insurance.

When You Have Kids

A life insurance policy gives your family the financial support they need to continue living life if the worst were to happen. It can help your loved ones pay for important expenses such as college tuition, utilities and the daily cost of living, and even if you are a stay-at-home parent, a policy can help cover childcare expenses. 

When You Need to Replace Your Income

If anyone depends on your income or financial support, a life insurance policy financially protects your family in the case of your death, and the loss of your income.

When You Want Peace of Mind

One of the easiest ways to gain peace of mind and protect your loved ones is by having the right life insurance coverage for your needs. It’s not always the easiest thing to think about, but being prepared for the worst can help you feel sure that your loved ones will be taken care of.  

Let SelectQuote Find the Right Life Insurance Policy For You

SelectQuote can help you find the right coverage with the right carrier at the right price in just minutes. Not only have we been helping individuals and families shop for insurance for more than 35 years, but some of the life insurance companies we work with are among the most trusted in the U.S.

Article Categories

Get Your Free Life Insurance Quote Today.

We do the shopping. You do the saving.