Protection for the people you care about

What is life insurance?

Life insurance is a contract between you and an insurance company. In exchange for premium payments, the insurer pays a benefit to your designated beneficiaries after your death. The type of policy, the amount of coverage, and the cost all affect how a policy works.

Common types to understand

• Term life

  Covers you for a set period, such as 10, 20, or 30 years. It generally pays a benefit only if you pass away during the term.

• Whole life

  A type of permanent coverage designed to last your entire life, with premiums that typically stay level and a cash value component that may grow over time.

• Universal life

  Another form of permanent coverage that may offer flexibility in premium payments and the death benefit, subject to policy terms.

Things to consider

Coverage amount, length of need, budget, and the financial strength of the insurer all matter. Policy features and costs vary, so it's important to review the terms carefully before choosing a policy.