Life Insurance Coverages
Explore what each type of coverage protects
Click to learn more about the individual coverage types
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Life Insurance Informational center
Life insurance is a vital tool that provides financial security for your loved ones in the event of your passing. It can help cover funeral costs, debts, and everyday expenses to ensure your family's stability. With options like term, whole, and universal life, you can choose coverage that fits your needs and goals. Life insurance isn’t just about the unexpected, it’s about protecting what matters most.
Burial/Final Expense Insurance
Burial insurance, also called Final Expense Insurance, is a type of life insurance designed to cover end-of-life costs such as funeral expenses, medical bills, and other outstanding debts. It offers peace of mind to families by ensuring that financial burdens don’t fall on loved ones during an already difficult time. These policies are typically smaller in value compared to traditional life insurance, often ranging between $5,000 and $25,000.
One of the main benefits of burial insurance is its simplicity and accessibility. Most policies do not require a medical exam and have minimal health questions, making it an attractive option for older individuals or those with existing health conditions. Approval is often quick, and coverage can begin in just a few days. It is an ideal solution for those seeking affordable, straightforward protection.
Unlike some other forms of insurance, burial insurance is generally a whole life policy, meaning it will not expire as long as premiums are paid. The premiums also remain fixed, so policyholders can budget with confidence knowing their rates won’t increase over time. The death benefit is paid directly to the beneficiary, who can use the funds for burial costs, cremation services, or any other final expenses.
Choosing burial insurance allows individuals to take control of their legacy and relieve their families of financial stress. While it may not replace the income protection of traditional life insurance, it plays a valuable role in comprehensive planning by addressing the costs that come at the very end. For those looking to make things easier on their loved ones, burial insurance offers an affordable and thoughtful solution. START A QUOTE⮕
Child Life Insurance
Child life insurance is a policy purchased for a minor that provides a small amount of life coverage and, in many cases, builds cash value over time. Parents or grandparents often purchase these policies to lock in low premiums and guarantee future insurability for the child, regardless of future health conditions. In the event of a tragedy, it can help cover funeral expenses and time off work, but most families view it more as a long-term financial tool than a replacement for income.
These policies are typically whole life, meaning they remain in force for the child’s entire life as long as premiums are paid. Over time, the policy accumulates cash value that can be borrowed against or withdrawn later. Some insurers allow the child to convert the policy into a larger one in adulthood without new underwriting.
While child life insurance can be a useful tool, it is not a financial necessity for every family. It is best suited for those who want to provide a small safety net and a foundation for future coverage, especially if there’s concern about medical eligibility later in life. It can also be a unique gift with long-lasting benefits. START A QUOTE⮕
Group Life Insurance
Group Life Insurance is typically offered by employers, associations, or other organizations to provide basic life insurance coverage to their members or employees. These plans often come at little to no cost for the base coverage and may offer the option to purchase additional coverage. Group policies are convenient and easy to enroll in, with no medical exam required in most cases.
However, coverage through a group plan is usually limited and may not be enough to fully protect your family’s needs. It often ends when employment or membership ends, which makes it less reliable as a long-term solution. That’s why many people choose to supplement it with individual life insurance.
Group life is a great starting point for coverage, especially for those new to life insurance or seeking affordable options. But relying on it alone can leave gaps in protection. For lasting peace of mind, combining group and individual coverage is often the most secure approach. START A QUOTE⮕
Term Life Insurance
Term life insurance is one of the most straightforward and affordable types of life insurance. It provides coverage for a specific period of time, usually 10, 20, or 30 years. If the insured person passes away during the term, the policy pays a tax-free death benefit to the beneficiary. If the term ends and no claim is made, the policy simply expires with no payout.
Because it’s temporary and doesn’t build cash value, term life insurance is significantly more affordable than permanent policies. It’s often used to cover short- to mid-term financial responsibilities, such as a mortgage, income replacement, or college tuition for children. Many families choose term coverage during their highest-earning or highest-expense years.
One of the key advantages of term life is that it allows people to buy higher coverage amounts for lower premiums. This makes it ideal for young families, business owners, or anyone with major financial obligations. Most term policies offer the option to renew or convert to permanent coverage without a medical exam, though rates typically increase with age.
While term life insurance offers valuable protection, it is important to understand that it’s not designed to last a lifetime. Once the term ends, there’s no residual benefit. For those seeking lifelong coverage or a policy that builds cash value, whole life or universal life insurance may be a better fit. But for affordable, no-frills protection, term life is a smart and practical choice. START A QUOTE⮕
Universal Life Insurance
Universal Life Insurance is a type of permanent life insurance that offers both lifelong coverage and a built-in cash value component. What sets it apart from other policies is its flexibility, you can adjust your premium payments and death benefit over time to better suit your financial situation. As long as there’s enough value in the policy to cover the cost of insurance, it stays in force.
A portion of each premium goes into a cash value account, which grows based on a minimum interest rate set by the insurer, and sometimes more depending on market performance. This cash value can be accessed through loans or withdrawals, providing policyholders with a potential source of funds for emergencies, retirement, or other financial needs.
Universal life is often chosen by those who want both insurance protection and financial flexibility. It can be a good fit for individuals with changing income or long-term planning needs, such as estate planning or wealth transfer. Some policies even offer riders or options to increase cash growth potential or provide coverage for chronic illness.
However, universal life requires careful management. If premiums are underfunded or the cash value is depleted, the policy could lapse. It’s important to regularly review the policy’s performance with your agent or financial advisor to ensure it aligns with your long-term goals. For those who want control, versatility, and permanent protection, universal life can be a powerful tool. START A QUOTE⮕
Whole Life Insurance
Whole Life Insurance is a type of permanent life insurance that provides guaranteed lifelong coverage and a fixed death benefit. As long as premiums are paid, the policy remains in effect, offering long-term protection for your loved ones. It’s often used for legacy planning, income replacement, or ensuring end-of-life costs are covered without burdening family members.
One of the most distinctive features of whole life insurance is its guaranteed cash value accumulation. A portion of each premium goes toward building cash value, which grows at a fixed rate determined by the insurer. This cash value can be accessed through policy loans or withdrawals, offering policyholders a potential source of funds during their lifetime.
Unlike term or universal life policies, whole life offers predictable costs. Premiums stay the same throughout the life of the policy, which can make budgeting easier and provide peace of mind. Many whole life policies also pay dividends (if offered by a mutual insurance company), which can be used to increase the policy’s value, reduce premiums, or be taken as cash.
Whole life insurance is often more expensive than term coverage, but it’s designed for long-term stability and value. For individuals who want a reliable, low-maintenance policy that builds equity over time and guarantees protection for life, whole life insurance remains a strong and time-tested option. START A QUOTE⮕
Life Insurance Comparison Chart
Term Life Insurance
- Coverage for a specific term (10, 20, 30 years)
- Lower premiums, no cash value
- Ideal for income replacement and short-term needs
- Renewable or convertible, but rates increase with age
Whole Life Insurance
- Permanent coverage with fixed premiums
- Builds guaranteed cash value
- Dividends may increase policy value
- Predictable and stable for long-term planning
Universal Life Insurance
- Permanent coverage with flexible premiums and death benefits
- Cash value grows based on interest rates
- Policyholder controls payment and coverage adjustments
- Requires active management to avoid lapses
Burial Insurance
- Small permanent coverage for final expenses
- No medical exam usually required
- Fixed premiums and guaranteed acceptance
- Relieves families of funeral and burial costs
Child Life Insurance
- Permanent coverage for minors with low premiums
- Builds cash value over time
- Guarantees future insurability
- Provides long-term financial foundation
Group Life Insurance
- Coverage offered through employer or organization
- Usually low or no cost for basic coverage
- Limited amounts and ends when employment ends
- Often supplemented with individual policies
