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Life insurance is a contract with an insurance company. You are protected through the lifetime of the contract in exchange for monthly or annual payments. If you were to die while your policy was active, your chosen beneficiary (more on beneficiaries later) would receive a sum of cash. Your beneficiary might use this money, called a death benefit, to pay final expenses, pay the rest of your mortgage, or cover any expenses for your loved ones. In most cases, the death benefit is tax-free.

If you were to die, would you leave behind debt, or would your loved ones face a financial hardship? If the answer is yes, you need life insurance.

Buying life insurance while you are young and healthy can help you secure lower premiums. Your best bet is to get life insurance as soon as it becomes a must-have in your life. Life events such as marriage, a new baby, and even starting a business can trigger a need for life insurance. If you are planning to have a baby soon, it is best to secure coverage before your pregnancy to ensure you do not face higher premium rates. 

Every type of life insurance has its own unique advantages, and many options even pair nicely together. With most options, you can add riders to your policy, meaning that you could protect against a critical illness or disability on top of your 15-year term life policy. We will cover more on riders later–below is the life insurance on the market today.

Life insurance is more affordable than most people expect! Like any other type of insurance, your premium is based on factors related to your age, health, and lifestyle at the time you apply for coverage. You can choose a more affordable policy like term life, or a pricier permanent coverage that lasts a lifetime. Adding riders to your policy could also increase your premium rate.