Life Insurance Helps Protect Your Family’s Future

Take the first step towards protecting your loved ones with a free life insurance quote.

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Life Insurance

What Is a Life Insurance Policy?

A life insurance policy is a contract between an individual (the policyholder) and an insurance company where the insurer promises to pay a sum of money (the death benefit) to a designated beneficiary following the insured's death. In exchange, the policyholder pays a premium to the insurance company, either periodically or as a lump sum. The primary benefit of a life insurance policy is the financial security it provides to the beneficiary upon the insured's death.

Who Needs Life Insurance Coverage?

Just 54% of Americans have any life insurance coverage, a notable decline from 63% just a decade ago.¹ The following types of people often benefit most frequently from having life insurance coverage. If you have loved ones who are financially dependent on you, you probably need life insurance. However, you may want to purchase life insurance for other reasons — like leaving money to your favorite charity by naming them as your beneficiary.

Spouse/Partner or a Parent

If you have a spouse, children and/or parents who rely on your income, they may face financial hardships if you were to pass away unexpectedly.

Homeowner

A mortgage generally is one of the largest debts you will have. A life insurance policy can help pay off these debts so your beneficiary won't have to.

Grandparent/Guardian

Consider leaving a legacy through wealth transfer. You may want to name your grandchild or child as your beneficiary to help pay for college.

Business Owner

If you own a business that depends on you, having life insurance can not only protect your family but also your employees, partners and the business itself.

Why Do I Need Life Insurance?

These reasons highlight the overarching goal of life insurance: to help keep loved ones safe from financial worries.

44% of families say they would face financial hardship if the primary wage earner died within 6 months²

65% of people agree that having life insurance is a key part of taking care of their loved ones financially¹

69% of consumers with life insurance say they are less stressed knowing their loved ones are financially protected with life insurance¹

What Does Life Insurance Cover?

In short, it covers you. After you pass away, your beneficiary — the person you designate to receive the money from your policy — will receive the death benefit payment from the insurance company. Your beneficiary can use the death benefit to cover a variety of expenses including, but not limited to:

Final Expenses

Expenses to be paid after your death, including funeral, cemetery and burial costs

Mortgage Payments

Monthly bank payments to pay off the remaining loan on your home

Education Expenses

Tuition and educational costs for private schools/college for your children

Debt

Payments for car loans, personal loans and credit card bills

Medical Bills

Health care expenses for hospitals, doctors, surgeries and procedures

Necessities

Everyday living expenses like gas, groceries and utilities

What Are The Different Types of Life Insurance?

There are several types of life insurance with different arrangements for how long they last, their cost and their benefits. Three of the most common types available are whole life, term life and universal life.

Whole Life Insurance

Whole life insurance is a type of permanent life insurance and does not have a set expiration date. Your coverage can continue for your entire life as long as premiums are paid. The premiums on whole life are generally higher than on term life, but they do not increase as you get older. Some whole life policies also may build cash value.

Universal Life Insurance

Universal life insurance is another form of permanent life insurance coverage and can potentially last your entire life. With these policies, you have the flexibility to change your premium³ each year, paying less some years and more in others. Universal life also has a cash value component.

Term Life Insurance

Term life insurance is temporary life insurance that is typically less expensive than other types of coverage. It lasts for a set amount of time, such as a five-year term or 30-year term. If you die during the term, your beneficiary will receive the death benefit. If you outlive the term, the coverage will expire.

family on couch reviewing life insurance policies

Compare Types of Life Insurance

Insurance and financial products aren't always one-size-fits-all solutions. Western & Southern offers you a variety of options to help protect each different stage of your life.

Benefits	Whole Life	Universal Life	Term Life
Guaranteed Lifetime Coverage Coverage that lasts throughout your entire life as long as premiums are paid	Checked	Checked	NotChecked
Instant Online Quotes Preliminary instant quotes available to access your potential premium payouts and coverage if you qualify	NotChecked	NotChecked	Checked
May Build Cash Value Cash that grows tax-deferred and may be used during your lifetime	Checked	Checked	NotChecked
Fixed Premiums Same amount owed every time a payment is due	Checked	NotChecked	Checked
Flexible Premiums Adjustable premium and death benefit amounts when your needs change	NotChecked	Checked	NotChecked
May Earn Dividends Potential income from company profits at recurring times throughout the year. Dividends are not guaranteed	Checked	NotChecked	NotChecked
	Whole Life	Universal Life	Term Life

How to Choose Life Insurance

Choosing life insurance can seem complicated. More than half of consumers say they haven’t purchased life insurance because they don’t know how much they need or what type to buy.¹That's why we've put together some steps to help you as you decide.

Review your life insurance options to understand what's available
Assess your finances and short-term and long-term goals
Determine the amount of coverage you need
Request life insurance quotes to explore various costs and features
Consider working with a financial representative for guidance

Still Need Some Help?

Don't worry. We're here to help make this process a little easier. 41% of Americans say they want to work with an agent to purchase life insurance.¹If you are one of those people, we have financial professionals ready to assist you on your life insurance journey.

Get My Free Quote

Give us a call 866-832-7714 866-832-7714

How Much Does Life Insurance Cost?

More than half of Americans overestimate the cost of life insurance coverage to be more than three times its actual cost.³ Several major factors determine the cost of life insurance, including death benefit amount, the type of policy and term length, coverage amount, your age, your gender, your health, tobacco use, and lifestyle and occupation. The only way to know for sure how much your insurance policy will cost is by applying for a life insurance quote. It's free to apply, and then you can decide whether or not you accept the insurance.

How Much Life Insurance Do You Need?

Life insurance can be an important element of your overall financial strategy. Answer a few questions about your life situation to estimate how much coverage you might need.

Calculate My Needs

How to Buy Life Insurance

46% of Americans say they have put off purchasing the coverage they know they need.⁴ This could be, in part, because they are intimidated by the process. We've outlined the steps for you on how to buy life insurance with us in order to help you feel more comfortable about making a purchase that will help secure your financial future.

Request a Quote on Life Insurance

After assessing your insurance needs, choose the life insurance policy that’s right for you and get a quote on how much it will cost.

Get Started

Begin the Application Process

The application will ask for some basic information, such as your age, weight, whether you use tobacco and the amount of insurance you'd like to buy.

Submit Your Application

You will need to submit payment of your first premium along with your application, which puts the policy in force immediately.

Get Your Health Exam

An in-person medical exam will assess your health. As part of the process, you may need to go through medical underwriting.

Accept Your New Policy

You'll be given an offer showing how much coverage you qualified for and at what price. If you are happy with the offer, you can accept it.

Frequently Asked Questions

There is no limit to the total number of policies you can have, but you don’t want to pay for excessive coverage, either. Having multiple policies — especially a whole or universal life policy that builds cash value to access while you are alive — could help make up for any cash shortfall if you become ill.

The best time to buy life insurance depends on your particular life situation but often occurs when you experience a major life event like getting married, buying your first home or having a baby. Increased financial responsibilities usually accompany these significant life milestones, heightening the need for you to think about how to provide your loved ones with greater financial security in the future.

A better question to consider may be: Can you afford not to have coverage? The cost of life insurance depends on a number of factors, starting with the type of policy and coverage amount you choose.

No. Many people choose a life insurance company on price. The company that offers coverage at the cheapest cost, may not be your best choice in the long run. There are a number of other important factors that you want to consider, including the company’s longevity, financial strength, and stability.

A beneficiary is the person or entity you select to receive the death benefit from your policy when you die. A beneficiary can be any adult person, your favorite charity, a nonprofit organization, business or other entity. You also may establish a trust for your young children and name the trust as a beneficiary.

Probably not. The majority of employer-sponsored life insurance policies are only in force while you are employed. When you leave your job, this coverage usually ends. In addition, your coverage is often limited to the amount of one year’s salary, which may not be enough to cover all of your family’s expenses when you die.

When you purchase life insurance, you choose a beneficiary, the person or entity that would receive the death benefit if you passed away while the policy is in force. When you die, the beneficiary would then fill out a claim form for the insurer and submit a copy of your death certificate. After reviewing the claim, the insurance company would pay the death benefit to your beneficiary — provided that you didn't die of an excluded cause.

Why Choose Western & Southern?

We have a heritage of providing life insurance for over 130 years. Our financial ratings from the major rating agencies are indicators of our financial strength, offering you stability you can count on. As one of the strongest life insurance groups, we know how to help protect your future.

Financial Strength

Longevity & Stability

Financial Ratings

IMPORTANT DISCLOSURES

¹ 2024 Insurance Barometer Study, LIMRA and Life Happens
² Top Misconceptions About Life Insurance

³There must be enough cash value in the policy to cover monthly charges if a lower premium is paid than the amount selected at issue or if a premium payment is skipped. Additional premium payments may need to be made to keep the policy in force.

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.