Life Insurance: Protect What Matters Most
If someone depends on you—your income, your caregiving, or your support—life insurance is one of the most important financial tools you can have. It provides a tax-free payment (called a death benefit) to your loved ones after you pass away, helping them manage immediate expenses and long-term financial needs.
From covering funeral costs and household bills to paying off a mortgage or funding future college tuition, life insurance helps your family stay afloat when they need it most.
What Does Life Insurance Cost?
Life insurance is more affordable than many people expect. The cost depends on your age, health, policy type, and coverage amount. In general, younger and healthier individuals pay less.
For example, a healthy 30-year-old might be able to purchase a $250,000 term policy for around $15 a month. That means your family could receive $250,000 if something happens to you during the coverage period, providing critical financial security at a manageable monthly cost.
Types of Life Insurance
There are two main types of life insurance:
Term Life Insurance
Term life provides coverage for a specific time period, such as 10, 20, or 30 years. It’s often used to protect your family during high-need years, while you’re paying off a mortgage or raising kids. Term policies are generally the most budget-friendly way to get a significant amount of coverage.
Permanent Life Insurance
Permanent life insurance lasts your entire lifetime as long as premiums are paid. These policies also build cash value over time, which you can borrow from or use to supplement other financial needs. Because of these added features, premiums are typically higher than term policies.
Not sure which is right for you? A combination of both can offer flexible coverage now and in the future.
How Much Life Insurance Do You Need?
That depends on your goals and who you’re protecting. A common rule of thumb is to have coverage that equals 10–15 times your annual income—but your needs may vary. To get a personalized estimate, try a calculator like the one at lifehappens.org/howmuch.
We’re Here to Help
Choosing the right policy starts with a conversation. Our licensed insurance professionals are here to help you understand your options, answer your questions, and guide you through the process, at no cost and with no pressure.
Have questions? Call us at 800-637-4676, email info@profinsprog.com, or contact us online.
Employers, are you looking for group policies? We can help, click here.
Additional Resources:
Calculate Your Needs
LifeHappens.org
1 2020 Insurance Barometer Study, Life Happens and LIMRA
Information used with the permission of Life Happens, a nonprofit organization dedicated to helping consumers make smart insurance decisions to safeguard their families’ financial futures. Life Happens does not endorse any insurance company, product or advisor. © Life Happens 2020. All rights reserved.