Life Insurance

Life Insurance: Pays a benefit to designated beneficiaries upon the policyholder's death, providing financial security for their family and covering expenses like funeral costs and outstanding debts.

Top life insurance providers:

• Northwestern Mutual

  • Strong financial stability

  • Comprehensive planning services 

• New York Life

  • Wide range of policies

  • Excellent customer service and reliability

• MetLife

  • Diverse insurance products

  • Robust online resources and customer support

• Prudential 

  • Flexible policy options 

  • Focus on financial wellness

• State Farm

  • Affordable policies 

  • User-friendly approach

Life insurance policies generally come in two main types: term life and permanent life insurance. Term life insurance provides coverage for a specific period, typically 10, 20, or 30 years, and pays a death benefit if the policyholder dies within the term. It is often more affordable, making it suitable for young families or those with temporary financial obligations. Permanent life insurance, which includes whole life, universal life, and variable life, offers lifelong coverage and includes a savings component that can build cash value over time. These policies tend to be more expensive but provide long-term benefits, such as the ability to borrow against the policy’s cash value. Typical fees for term life insurance vary based on factors like the policyholder’s age, health, and coverage amount, with average monthly premiums ranging from $20 to $50 for a $500,000 policy. Permanent life insurance premiums are higher, often starting around $100 per month for similar coverage but can increase significantly depending on the policy features and benefits. These types of insurance help individuals and businesses manage risks and protect themselves from financial losses due to unforeseen events.