11535 K-Tel, Drive Suite 41619, Minnetonka MN 55343, USA
Life insurance
Introduction
What is life insurance?
If you’re just getting started with life insurance, the complex terms and information can feel overwhelming. But at its core, life insurance offers a simple promise: to help your loved ones maintain their lifestyle and ensure financial stability if the unexpected happens. It’s a smart way to prepare for the future and safeguard the life you’re building for your family.
What type of life insurance is best for me?
There are several different types of life insurance, but just two broad categories you really need to understand: term life and permanent life. When choosing, consider how long you want coverage, the purpose of the coverage, and how much you want to pay.
What is term life insurance?
Term life insurance is the most simple and affordable option. It provides coverage for a set period of time or “term” (typically 10–30 years), and is designed to protect your dependents during that term. If you pass away during the term period, your beneficiaries receive a cash payment referred to as the “death benefit” to cover expenses or income loss related to your passing.
What is permanent life insurance?
Lifetime coverage with an insurance payout and cash access. Types include whole, universal, indexed universal and variable universal. Whole life is the simplest form of permanent life insurance and it lasts for the rest of your life, and is a more conservative, long-term strategy over buying term insurance. These features are why whole life policies can cost up to 5-10X more than term policies.
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Who needs life insurance?
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Homeowners
If you've purchased a home, life insurance is a great option to help cover the expense of a mortgage payment. This will also help support any co-signers on your home in the event that you unexpectedly pass away.
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Breadwinners
Life insurance can help your loved ones pay for living expenses, tuition, debts, and other expenses your income supported.
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Parents
Whether you work or stay at home, you\u2019re responsible for taking care of your children. Especially if you’re a single parent, life insurance can provide financial stability to your children should something happen to you and help cover the costs of living, education, and more.
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You're married
If you're married or have a domestic partner, life insurance can protect your loved one and the life you are building together. It can help cover your lost income and shared expenses such as credit card balances, car loans, and monthly rent, so you leave your partner in a good financial situation.
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Business Owners
Life insurance can also protect your business. It can be used to pay off your business debts or help the company stay afloat while they learn to get along without you.
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End of life expenses
Small life insurance policies can pay for your funeral and final expenses so that burden isn't left to your family.
Coverage you can trust
Our policies are insured by established life insurance companies. By combining our streamlined application process with their coverage, we've been able to shrink the application process down to just minutes, compared to the weeks traditional applications require.
You get the dependability of major insurers and the convenience of a modern technology company.
We do life insurance differently
Fast, Straightforward Service
Our online and hassle-free process makes it easy to apply. What traditionally took weeks can now be done in minutes, so you can focus on what matters.
Expert Advice
If you want help, our team of licensed agents is dedicated to finding you the right life insurance policy for you.
Automated & Simplified Underwriting
Our simplified underwriting process uses new technology and predictive modeling to provide instant decisions, with no medical exams for most people. When that isn\u2019t possible, we\u2019ve reduced the time you wait from months to days.
Flexible, Affordable Options
We analyze your information against our wide range of products in real-time, matching you to a policy that fits your needs with a price that works for you.
FAQs
? What is life insurance?
Life insurance is a financial contract providing a predetermined sum to beneficiaries upon the insured's qualified death. It is a crucial safety net, helping to ensure financial security for loved ones. The policyholder pays regular premiums, and in return, the insurer guarantees a payout to beneficiaries, covering various expenses determined by the beneficiary if the insured were to pass away.
? How does life insurance work?
Life insurance works by helping to provide financial protection for your loved ones in case you pass away. You pay regular premiums to the insurance company, and in return, they promise to pay out a sum of money (death benefit) to your beneficiaries. This money can help cover various expenses like funeral costs, debts, and living expenses. The type of life insurance and the coverage amount depends on your needs and preferences.
? Why is life insurance safe?
Life insurance is deemed safe due to its guaranteed payout structure. As long as the payments are made according to the policy schedule, beneficiaries receive a predetermined sum when the insured passes away, helping to provide a reliable and secure financial safety net for their future.
? What does life insurance cover?
Life insurance can cover death-related expenses, including funeral costs, outstanding debts, and ongoing living expenses for beneficiaries. This coverage helps to ensure that the financial needs of loved ones are met after the insured's death. How the death benefit is spent is up to the beneficiary.
