Protect the People Who Depend on You
Life insurance can help provide financial protection for the people you care about if something happens to you. We help individuals and families evaluate coverage based on their needs, budget, and long-term goals.
Compare life insurance options for income protection, family security, final expenses, long-term coverage, and legacy planning.
What Would Happen Financially If Your Income Disappeared?
Life insurance may help provide money to beneficiaries to address needs such as mortgage or rent, income replacement, children and dependents, education expenses, final expenses, outstanding debts, household expenses, legacy planning, and business obligations where applicable.
Different Coverage for Different Goals
Each type of life insurance serves a different purpose. Understanding the differences can help you choose coverage that aligns with your needs and budget.
Term Life Insurance
Affordable temporary coverage for a specific period — typically 10, 20, or 30 years. Often used for income replacement, mortgage protection, young families, and covering temporary financial obligations during working years.
- Common coverage periods: 10, 15, 20, 25, or 30 years.
- Typically offers more coverage per premium dollar than permanent insurance.
- Use cases: family protection, mortgage payoff, income replacement, education funding.
- Premiums may be level for the term or increase over time depending on the product.
Whole Life Insurance
Permanent life insurance designed to remain in force for your entire lifetime, as long as required premiums are paid and policy terms are satisfied. May include guaranteed cash value features.
- Permanent coverage that does not expire as long as premiums are paid.
- Guaranteed features (subject to policy terms): death benefit, level premiums, and cash value growth.
- Cash value accumulates on a tax-deferred basis and may be accessed through policy loans or withdrawals.
- Policy loans and withdrawals may reduce cash value and death benefit and may have tax consequences.
- Premiums are typically higher than term life for the same death benefit amount.
Indexed Universal Life (IUL)
Permanent life insurance that may build cash value based partly on the performance of a market index, subject to caps, participation rates, floors, charges, and other policy terms.
- Indexed interest-crediting is based on the performance of a market index, but IUL is not a direct investment in the stock market or any index.
- Policy performance is not guaranteed. Caps, participation rates, and floors affect the amount of interest credited.
- Potential cash value accumulation may be higher than fixed options but is subject to market index performance and policy charges.
- Policy loans and withdrawals may reduce cash value and death benefit and may create tax consequences if the policy lapses.
- Lapse risk: if cash value is insufficient to cover policy charges, the policy may lapse unless additional premiums are paid.
- Costs include mortality charges, administrative fees, and surrender charges during the surrender period.
Final Expense Insurance
Life insurance generally designed to help beneficiaries cover funeral costs and other end-of-life expenses. Proceeds are generally not restricted to funeral expenses only.
- Typically available in smaller coverage amounts.
- May be available with simplified or guaranteed underwriting.
- Proceeds can be used by beneficiaries for any purpose.
- Often used to help families cover funeral, burial, and final medical expenses.
Important: Indexed universal life is not a direct investment in the stock market or any market index. Policy performance is not guaranteed. Whole life cash value features depend on the specific policy and carrier. Final expense insurance proceeds are generally not restricted to funeral expenses. All life insurance products are subject to eligibility, underwriting, product availability, policy terms, fees, and other limitations.
Life Insurance Isn't Only for One Type of Person
Life Insurance for Business Owners
Business owners have unique protection needs. Life insurance can play a role in key person coverage, buy-sell agreement funding, succession planning, and business continuity protection.
Key Person Insurance
Life insurance on a key employee or owner that may help a business recover from the financial impact of losing a critical person.
Buy-Sell Agreement Funding
Life insurance may fund buy-sell agreements, providing liquidity to help surviving partners purchase a deceased owner's share of the business.
Business Continuity
Life insurance can play a role in succession planning by providing funds to help facilitate an orderly transition of ownership.
Protect More Than Just a Paycheck
For many families, the financial impact of losing a parent or income earner can extend far beyond a salary. Life insurance may help provide beneficiaries with resources to maintain housing, cover everyday expenses, reduce financial pressure, and preserve long-term plans.
How Much Life Insurance Might You Need?
Use this simple educational tool to get a rough estimate of your coverage needs. This is not a quote or an underwriting decision.
How Much Life Insurance Might You Need?
Estimated Coverage Need
$0
This estimate is for educational purposes only and is not a recommendation, quote, guarantee of coverage, or underwriting decision. Actual coverage needs depend on individual circumstances, including existing assets, dependents, lifestyle, inflation, and other factors not captured in this simple tool.
Enter at least one value above to calculate your estimated coverage need.
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Different families have different needs. Our role is to help clients understand available insurance options and evaluate coverage based on their financial responsibilities, long-term goals, and budget.
Disclosure: Life insurance availability, pricing, underwriting, and benefits vary by product, carrier, state, applicant, health, age, and other underwriting factors. No coverage is effective until approved and issued by the applicable insurance carrier and all required conditions are satisfied. Cash value accumulation is not guaranteed unless specifically stated in the applicable policy. Policy loans and withdrawals may reduce policy values and death benefits and may cause tax consequences. Indexed universal life is not a direct investment in a stock market index. Trust Life and Annuity LLC does not provide tax or legal advice. Individuals should consult qualified tax and legal professionals regarding their circumstances. This information is for general informational purposes only and does not constitute a recommendation or guarantee of any particular outcome.