Question 1

How much life insurance do I need?

Accepted Answer

A common rule of thumb is 10-12 times your annual income, but a more accurate calculation factors in your debts, mortgage balance, future income replacement years, childcare costs, and your spouse's income. Our calculator helps personalize this estimate.

Question 2

What is the difference between term and whole life insurance?

Accepted Answer

Term life insurance provides coverage for a fixed period (10, 20, or 30 years) at a lower premium, making it ideal for income replacement during working years. Whole life insurance is permanent, builds cash value, but costs 5-15 times more per month.

Question 3

How much does life insurance cost per month?

Accepted Answer

A healthy 30-year-old can get $500,000 in 20-year term coverage for $20-$30 per month. Premiums increase with age and health conditions, so buying coverage earlier locks in the lowest rates.

Question 4

Do I need life insurance if I have no dependents?

Accepted Answer

If no one financially depends on you, life insurance may not be necessary. However, it can still be valuable to cover final expenses, pay off debts that a co-signer would inherit, or lock in insurability while you are young and healthy.

Question 5

How long should my life insurance term be?

Accepted Answer

Choose a term that covers your peak financial obligations. A 30-year term is appropriate if you have young children and a new mortgage. A 20-year term may suffice if your children are older and your mortgage is partially paid down.

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