Term life
Term life covers you for a set period, commonly 10, 20, or 30 years, and pays a benefit if you pass away during that time. It is usually the most affordable way to buy a large amount of coverage. It fits people with a clear window of need: a mortgage, young children, or years of income to protect before retirement. Most term policies can be converted to permanent coverage later, within limits set by the carrier.
Whole life
Whole life is permanent coverage with level premiums and a guaranteed death benefit as long as premiums are paid. It builds cash value on a schedule set by the carrier. It fits people who want certainty, a benefit that will always be there for final expenses or an inheritance, or a policy that never needs to be re-qualified for. The trade-off is a higher premium per dollar of coverage than term.
Indexed universal life (IUL)
IUL is flexible permanent coverage where cash value growth is tied to the movement of a market index, subject to caps and floors set by the carrier. Premiums can be adjusted within a range. It fits people who want permanent protection with flexibility and who understand that policy performance depends on index results and carrier terms. It requires more attention over time than whole life and is not right for everyone.
How underwriting generally works
Carriers price coverage based on age, health history, tobacco use, occupation, and the amount requested. Depending on the carrier and amount, underwriting may involve a health questionnaire, a phone interview, prescription and medical record checks, or a brief paramedical exam. Some products offer simplified or accelerated underwriting with no exam. Decisions typically take a few days to a few weeks. Coverage is subject to underwriting approval, and the rate offered may differ from the initial quote.
What to bring to a quote
- Your date of birth and the coverage amount or goal you have in mind
- A general summary of your health history and any medications
- Whether you use tobacco or nicotine products
- Who you would name as beneficiaries
- Any existing policies, including group coverage through work
From there we compare options across the carriers we work with, explain the differences, and help you apply for the one you choose.