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You apply, the insurer decides
An application goes through underwriting: health history, medications, lifestyle and sometimes an exam.
Life insurance is a contract, not an investment account. You pay a premium, and in exchange the insurance company pays a death benefit to the people you name if you die while the coverage is in force. Everything else — term or permanent, how much, for how long — is a decision about which problem you are trying to solve.
An application goes through underwriting: health history, medications, lifestyle and sometimes an exam.
The amount paid to your beneficiaries, generally free of federal income tax to them. Your beneficiary designations must stay current.
What you pay, and for how long. Term premiums are level for the length of the term; permanent policy costs vary.
Whole life builds cash value at a guaranteed rate set in the contract. Indexed universal life credits interest by reference to an index, subject to contract terms.
Coverage for a set period — commonly 10, 20 or 30 years. The lowest cost per dollar of death benefit, and the simplest to understand if you outlive the term.
Coverage for your whole life, with a level premium and cash value that grows at a rate guaranteed in the contract.
Permanent coverage with flexible premiums and cash value credited by reference to an index, subject to caps, participation rates and a floor. Policy charges can reduce values.
Premiums depend on age, health, coverage amount, policy type, underwriting class and riders. Compare actual carrier illustrations.
Some policies use simplified or accelerated underwriting; others require an exam. Eligibility depends on the insurer and applicant.
A term policy generally lapses after the grace period. Permanent policies may have nonforfeiture or loan options, but can still lapse if funding is inadequate.
Yes, if the insured dies while the policy is in force and the claim is covered under its terms.
Contractual guarantees depend on the terms and the issuing insurer’s claims-paying ability. Non-guaranteed illustrations are not promises.
Usually yes, subject to policy terms and any irrevocable beneficiary or legal restrictions.
No. Need, affordability, existing resources, and goals should determine whether coverage makes sense.
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