Life insurance
Life insurance can pay money to the people you name when you die, so they can keep up with the bills and plans you shared. We help you pick a type and an amount that fit your budget today and your plans for later. We compare 35+ insurance companies and show you our best 3 options.
- Coverage
- Life insurance
- Companies compared
- 35+
- Next step
- Start a quoteCall (317) 245-8700
Coverage on this page
Term life
Short answer
Term life can cover you for a set stretch of years, called the term. If you die during the term, the people you name can receive the payout, as long as the policy is in force. It usually costs less than lifelong coverage for the same payout, so it's a common pick for families with young kids or a mortgage.
Who it’s for
Term life fits people whose family leans on their paycheck for a certain number of years. Think young kids, a mortgage, or a spouse who’d struggle on one income. If your big money worries have an end date, term life can cover those years.
What it can cover
- A payout your beneficiaries, the people you name, can receive if you die during the term
- Your choice of how long the policy lasts
- A price that often stays the same for the whole term
- With some policies, a chance to switch to lifelong coverage without a new exam, if you do it in time
- Riders, which are add-ons that change the policy, like coverage for a child
Example
Say you’re 32 with two kids and a new house. You buy a $500,000 policy that lasts until your youngest is out of college. If you die partway through, your family could receive the $500,000 for the house, the bills, and school.
Good to know
If you’re still alive when the term ends, the coverage stops and nothing is paid out. Some policies let you renew, often at a much higher price. Your age and health when you apply affect what you pay, so it can help to look sooner.
Whole life
Short answer
Whole life is meant to last your whole life, as long as you keep paying. It can pay out whenever you die and build cash value, a kind of savings inside the policy. It usually costs more than term life for the same payout.
Who it’s for
Whole life fits people who want coverage that doesn’t run out. It’s often used to leave money for final costs, or for a child or relative who will always need help. It works best if you can keep up with a higher price for many years.
What it can cover
- A payout your beneficiaries, the people you name, can receive whenever you die, as long as the policy stays active
- A price that usually stays the same over the years
- Cash value that can build up over time under the policy’s rules
- A chance to borrow against that cash value
- Some money back if you cancel, minus any fees, depending on the policy
Example
Say you have a $100,000 whole life policy. Years in, you borrow $10,000 against the cash value and never pay it back. When you die, your family’s payout would usually be cut by the loan plus any interest. So they’d get less than $90,000.
Good to know
Cash value often builds slowly in the early years, and it isn’t the same as a bank account. How it’s taxed depends on your own situation, so ask a tax professional before you count on it.
Universal life
Short answer
Universal life is a kind of permanent life insurance that gives you more room to change things. You may be able to raise or lower what you pay, or change the payout, within the policy's rules. That room to bend means you need to keep an eye on it so it doesn't run out.
Who it’s for
Universal life fits people who want lifelong coverage but expect their budget or needs to shift. It can suit someone whose income goes up and down, like a business owner or someone paid on commission. It works best for people who’ll check on their policy each year.
What it can cover
- A payout your beneficiaries, the people you name, can receive as long as the policy stays active
- Payments you may be able to raise, lower, or skip, within the policy’s rules
- A payout you may be able to change, though raising it often means new health questions
- Cash value inside the policy, which can help pay the policy’s costs
- A yearly statement that shows your cash value and what was charged
Example
Say you have a $250,000 universal life policy. You lose your job and skip a few payments. The policy can use its cash value to pay its monthly costs for a while. But if the cash value runs out before you start paying again, your coverage could end.
Good to know
The policy’s costs come out of the cash value each month, and they can go up as you get older. If you pay less than planned for too long, the policy can lapse, which means it ends. Review it with us each year.
Indexed universal life
Short answer
Indexed universal life is permanent life insurance where your cash value's growth is tied to a market index, which tracks a group of stocks. A cap limits how much can be added in a good year, and a floor can limit how much a bad year hurts. It's complex, and its fees and charges matter a lot.
Who it’s for
It may fit people who want lifelong coverage and like cash value linked to the market, with some limits on the downside. It works best if you’ll pay for years and read your statements. If you want simple coverage, it may not fit.
What it can cover
- A payout your beneficiaries, the people you name, can receive as long as the policy stays active
- Cash value that can grow based on a market index, with a cap and a floor set by the policy
- Payments you may be able to change, within the policy’s rules
- Fees and charges that come out of the cash value each month
- A yearly statement that shows what was added and what was charged
Example
Say your cash value is $20,000 and the index has a great year. Your cap means only part of that gain would be added. The next year the index drops. Say your floor means that drop takes nothing away from the index part. Fees still come out both years, so your cash value can still go down.
Good to know
Your money isn’t put in the stock market. The index is just a yardstick for how much may be added. It’s life insurance, not an investment, and caps can often change. Ask us to walk you through every cost first.
Final expense
Short answer
Final expense insurance is a small whole life policy meant to cover your funeral and last bills. It's often easier to get, with health questions instead of a medical exam. It's a common pick for older adults who don't want those costs to fall on their family.
Who it’s for
Final expense often fits older adults who don’t need a big payout anymore. Their kids are grown, and the house may be paid off. They just want to make sure their funeral, last medical bills, and other final costs don’t land on their family.
What it can cover
- A smaller payout that can help with a funeral, burial or cremation, and last bills
- Coverage that can last your whole life, as long as you keep paying
- A price that usually stays the same
- Health questions instead of a medical exam, with many policies
- Cash value that can build a little over time, like other whole life
Example
Say you’re 68 and buy a $15,000 final expense policy. When you die, your daughter could receive the $15,000, as long as the policy is in force. She can use it for the funeral, the last hospital bill, or anything else, since the money is hers to use as she needs.
Good to know
Some policies with few or no health questions pay less than the full amount if you die in the first few years. Read that part closely before you buy. We’ll point it out when we compare options.
Annuities
Short answer
An annuity is a contract with an insurance company. It can help you save and later turn savings into income. Here we cover fixed and fixed indexed annuities. If you take out too much in the early years, you'll usually pay a fee called a surrender charge.
Who it’s for
Annuities often fit people near or in retirement who want steady income later. They can suit someone who has savings and wants part of it paid out on a schedule. They work best with money you won’t need for a while.
What it can cover
- Fixed annuities, which can add to your money under the contract’s terms
- Fixed indexed annuities, which tie what can be added to a market index, with a cap and a floor
- A choice that can turn your savings into income, either for a set time or for life
- A payment to the people you name if you die before the money is paid out, depending on the contract
- Surrender charges that can apply if you cash out more than allowed in the early years
Example
Say you’re 60 and put $100,000 into a fixed annuity. At 67, you could start taking money from it each month to help with bills. If you’d needed all of it back at 62, you’d likely have paid a surrender charge.
Good to know
An annuity is a long-term choice, so read the surrender charge rules before you sign. How the money is taxed depends on your own situation. Ask a tax professional before you decide.
How much life insurance do I need?
It depends on what you want the money to do. A simple way to start is to add up your debts, like a mortgage, plus enough of your income to carry your family for the years they'd need it. We'll help you weigh that amount against a price that fits your budget.
Can I get life insurance without a medical exam?
Often, yes. Some insurance companies ask health questions instead of doing an exam. These policies may cost more or pay out less, so we'll compare them with options that use an exam.
What is cash value?
Cash value is a kind of savings inside some permanent life policies, like whole life and universal life. It can build up over time under the policy's rules, and you may be able to borrow against it. It isn't a bank account, and a loan you don't pay back can lower the payout.
What happens when my term life policy ends?
If you're still alive, the coverage stops and nothing is paid out. Some policies let you renew, often at a much higher price, or switch to lifelong coverage without a new exam if you do it in time. Check your policy, or ask us, well before the end date.
Is an annuity the same as life insurance?
No. Life insurance is mainly meant to pay the people you name when you die. An annuity can help you save and later turn your savings into income. Some can also pay your family something if you die early.
Coverage descriptions on this site are general information, not a contract or a promise of coverage. What a policy can cover depends on the insurance company, your application, the coverages you choose, and the policy's terms and exclusions.
Start with what you have now
Bring your current declarations page or start fresh. We compare carriers and walk you through the differences in plain language. Quotes are free, with no obligation.