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What Kind of Life Insurance Do I Need?
Life Insurance Types

Not every life insurance policy is created equal. In fact, there are many options at your disposal, so it’s a good idea to explore a variety of products so you can find the best fit. Aflac offers several life insurance policies you can choose from, including term and whole life insurance. Keep reading to learn about your life insurance options and how you can choose the right policy.

Why life insurance is important

A life insurance policy can help protect your loved ones financially in the event you unexpectedly pass away. If you die while the plan is still active, they may file a claim and collect a death benefit, as long as you’ve named them as your beneficiaries.

The death benefit payout can help alleviate financial stress and allow loved ones to grieve properly. It’s usually flexible, meaning the funds can be used for funeral costs, debt, everyday bills, college, and virtually any other expenses.

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Types of life insurance

Some common types of life insurance policies include:1

Term life insurance

Term life insurance can give you coverage for a set period of time and pays out a death benefit to your beneficiaries upon your passing. In many cases, term life policies expire after 10, 20, or 30 years. Aflac offers term life insurance with affordable premiums.

Whole life insurance

Whole life insurance is designed to cover you for life. This means it will remain active for as long as you live, assuming you keep paying premiums. In addition to the death benefit, this policy type usually features cash value that grows tax-deferred. Aflac whole life plans can give you the added protection you need, with portability and lifelong coverage.

Universal life insurance

Universal life insurance offers a death benefit and cash value component. The cash value account earns interest that’s based on the market. Once your cash value has grown large enough, you can use the funds to help pay premiums or take care of other financial goals.

Final expense insurance

Final expense life insurance, which is available through Aflac, is intended for end-of-life expenses. Upon your passing, your loved ones can put the proceeds towards funeral and burial costs, out-of-pocket medical bills, and legal and accounting fees.

Guaranteed issue life insurance

Guaranteed issue life insurance doesn’t require you to take a medical exam or answer health questions. Instead, this type of policy guarantees approval, just like its name implies. Aflac’s guaranteed issue life policies might make sense if you want fast, convenient coverage.

Tips for choosing the right life insurance policy type

These tips can help you choose the ideal life insurance policy:

Consider your dependents

Think about who relies on your income. Is it just your spouse, or do you have a large family you support financially? The more dependents you have, the larger, more expensive policy you’ll typically need.

Consider how long you’ll need coverage for

Maybe you only want coverage for 20 years while your children are still at home, and you could benefit from the affordability of term life insurance. Or perhaps you prefer lifelong coverage and don’t mind paying extra for whole life insurance.

Consider your debts

If you have large debts, like a mortgage or student loans, you might want more robust coverage than someone with minimal to no debts. You may be better off with a smaller, more affordable policy if you’re debt-free.

Consider your budget

Take a look at your monthly budget to figure out how much you can and want to spend on your premiums. In general, term life insurance premiums are less expensive than whole life insurance premiums.

Consider your end-of-life expenses

If you won’t have many end-of-life expenses and simply want to provide your family with money for your funeral and a few other costs, final expense insurance is likely your best bet. But if you know your loved ones will be left to cover bigger expenses, you may want to consider a traditional term life or whole life policy.

What type of life insurance should I get?

Life insurance is not one-size-fits-all. The right policy depends on your unique needs and budget.1 Therefore, the life insurance product your friend or neighbor chooses isn’t necessarily the best option for you. Do your research, weigh the pros and cons of all your options, and use the tips above to find the ideal type of life insurance.

Get a quote for life insurance

Fortunately, there are many life insurance products on the market. As long as you educate yourself on all your options and comparison shop, you can find the perfect policy for your particular situation.

Aflac offers both term and whole life insurance at affordable rates. For a quote or more information, start chatting with an agent today.

Still have questions?

Explore your life insurance options.

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