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LIFE INSURANCE QUOTE

Help Protect Your Loved Ones’ Financial Future

Get coverage that helps those you love when they need it most.

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What Is a Life Insurance Policy?

A life insurance policy is a contract between you and an insurance company that provides a death benefit payout to your chosen beneficiaries when you pass away. It is part of the broader life insurance product category and can fit many budgets and goals. While there are many different types of life insurance products, key benefits may include:

Financial Protection

Provides a tax-free payment to loved ones to cover expenses like medical bills, funeral expenses, tuition or outstanding debts

Income Replacement

Helps replace your salary for ongoing living expenses

Access To Cash

Some plans build cash value over time that can be available for a loan or withdrawal (these should only be taken in emergency situations if needed)1

Financial Stability

Give you confidence knowing your loved ones will be taken care of if the unthinkable happens

Legacy Planning

Helps transfer wealth, protect loved ones and support causes tax-efficiently

Supplemental Retirement Income

Cash value or annuities can boost retirement income, though benefits may shrink

Health Benefits

Optional riders can add protection for illness, disability, or care needs, keeping coverage flexible

Estate Planning

Provides quick cash for taxes, debts and expenses, while helping to balance inheritances

Reduction of Taxes

Death benefits are generally income tax-free, with options to help reduce estate taxes and grow cash value tax-deferred

Compare Types of Life Insurance

Choosing the right life insurance depends entirely on your personal goals, budget, and how long you need coverage. Some policies are simple and last for a specific time, while others are designed to last a lifetime and can even build cash value.

Comparing the main types of life insurance helps clarify which path is best for your loved one's long-term security.

Term Life Whole Life Universal Life
Primary Goal Affordable protection for a set time
 Lifetime protection Lifetime protection with flexibility
Death Benefit Fixed amount, if death occurs during term
 Guaranteed for life Adjustable (within limits)
Coverage Duration 10–30 years (set term)
 Lifetime
 Lifetime (if funded)
Premium Cost Lowest; usually level during term Highest (fixed)
 Medium–High; Flexible (can change)
Premium Flexibility None Fixed/Little High (adjustable premiums/death benefit)
Cash Value None Guaranteed growth Grows (dependent on policy type/interest rates)
Risk(s) Coverage can end before you need it
 Costly if need only temporary coverage
 Lapse risk if underfunded; growth not guaranteed

Young couple researching life insurance

How Life Insurance Works

You pay regular premiums to keep your life insurance policy active, and in return, the insurance company promises to pay a death benefit to your beneficiaries when you die. The amount you pay depends on factors like your age, health, lifestyle, and coverage amount. If you pass away while the policy is in force, your beneficiaries file a claim and receive the death benefit.

  1. Choose Your Policy: Select the type and amount of coverage that best fits your needs and budget.
  2. Apply for Coverage: Complete your application. The insurer reviews your health and lifestyle information through a formalized process, known as underwriting, to determine your rate.
  3. Pay Premiums: Once you review and accept the policy, you must make regular payments to keep the police active.
  4. Collect Death Benefit: If you pass away while the policy is active, your beneficiaries file a claim to receive the death benefit payment, usually tax-free.

Want a deeper dive? Read our full guide:  What Is Life Insurance? How Does It Work?

Why Choose Western & Southern?

95 Comdex Ranking

Financial Strength

High ratings reflect stability you can count on
established 1888

Trusted for Over 135 Years

Helping families protect their future since 1888

Serving Millions Nationwide

Trusted by families across the 50 states

Is Life Insurance Right for You?

Life insurance can help you feel confident that your loved ones will be financially supported at every stage of life – whether you’re just starting out, raising a family, or living in retirement. A life insurance policy can cover both near-term needs and long-term plans with financial stability during life’s most challenging moments.
Young family thinking about affordable life coverage

Just Starting Out

Get coverage early to protect loved ones from debts and set yourself up for the future.
Grandmother thinking about supporting her family with life insurance

Protection for Your Family

Coverage can help replace income for your loved ones if you're not there – keeping the home, childcare and education plans on track.
Father supporting his daughter in college

Safeguard Your Security

Protect against remaining debts, support college-age kids and aging parents, and safeguard a spouse’s retirement plan.
Couple preparing for retirement expenses

Planning for Retirement

Help your surviving spouse maintain their lifestyle, cover medical and final expenses, and provide liquidity for estate planning or remaining debts.
Grandmother supporting grandson with life insurance

Leave a Lasting Impact

Even in retirement, coverage can help ease final expenses, support heirs or charities and ensure loved ones remain financially secure.

Frequently Asked Questions About Life Insurance

What types of life insurance policies do you offer?

The three main options we offer are term life, whole life, and universal life insurance. Each serves a different purpose:

  1. Term life: Affordable, temporary protection for a set number of years.
  2. Whole life: Lifelong coverage with guaranteed cash value.
  3. Universal life: Permanent coverage with flexible premiums and the potential for cash value growth.

What does life insurance cover and how are benefits paid?
A life insurance policy provides a tax-free death benefit to your beneficiaries. These funds can help cover funeral costs, settle debts, replace income, or support future needs like education. Most benefits are paid as a lump sum, offering your loved ones immediate financial support.

How much life insurance coverage should I get?
A common guideline is 5–10 times your annual income, but your needs may differ. Consider your mortgage, debts, children’s education, and income replacement. Our Life Insurance Calculator can help estimate the right amount, and a personalized life insurance quote can confirm the coverage that fits your situation.

What’s the difference between term and permanent life insurance?

Term life insurance is temporary coverage at the lowest cost.

Permanent life insurance (whole or universal) offers lifelong protection with the potential to build cash value you can access while living.

Can I customize my life insurance policy?
Yes. Many policies include optional riders such as accelerated death benefits, child or spouse coverage, waiver of premium, or long-term care benefits. Riders let you personalize your policy to better match your needs.

Do I need a medical exam to get life insurance?
Some policies require a brief medical exam, while others offer no-exam life insurance with faster approval. Your age and health will determine which option you qualify for. Learn your options by requesting a free life insurance quote today.

How long does it take to get covered?
Approval can take just a few days, especially with no-exam policies. Traditional underwriting may take longer, sometimes a few weeks, if a medical exam or additional review is needed.

Can I update or change my policy after purchase?
Yes. Many policies allow you to adjust your coverage, change beneficiaries, or add riders. Universal life insurance is the most flexible, letting you adjust both premiums and benefits over time.

Are life insurance proceeds taxable?
In most cases, benefits paid to your beneficiaries are not subject to federal income tax. However, if they become part of your estate, they could be subject to estate taxes depending on its size.

How do I know Western & Southern will be there when my family needs it?
We’ve been protecting families for over 135 years. Western & Southern holds strong financial ratings from leading agencies, demonstrating our ability to keep the promises we make to policyholders.
IMPORTANT DISCLOSURES

1 Withdrawing or taking a loan from your policy may reduce its cash value, death benefit, and have tax implications.

Loans will accrue interest. Loans and withdrawals may generate an income tax liability, reduce the Account Value and the Death Benefit, and may cause the policy to lapse. The policy may be issued as a Modified Endowment Contract (MEC) for tax purposes. Any withdrawals or surrenders could result in a taxable event. Keep in mind that cash values may take years to accumulate, unless a large premium is paid up front.

Payment of benefits under the life insurance policy is the obligation of, and is guaranteed by, the issuing company. Guarantees are based on the claims-paying ability of the issuer. Products are backed by the full financial strength of the issuing company.