Insurance for life, commonly called ‘Life Insurance’, is an insurance product designed to financially secure the dependents of the life assured against life risks like death and disabilities. These plans protect your family by providing them with the death benefit for the policyholder's death during the policy term. Let us take a look at why you should get a life insurance policy:
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To answer what is life insurance, it is an insurance plan that financially protects your loved ones in the event of your untimely demise during the policy term. These plans pay the death benefits as per the sum assured chosen by you for your family in your absence, which ultimately helps them fulfil their financial needs and obligations. In exchange, you need to pay regular premiums for the entire premium pay term. Some life insurance policy also provide wealth creation benefits through their cash value accumulation benefits.
Life insurance can ensure your family's financial stability in the event of your unfortunate demise. The policy will cover the entire policy term as long as the premiums are duly paid. Then, in case of the policyholder’s untimely death during the policy term, the insurer will payout the life cover to help ease the financial strain on the family. The nominees can use the benefit amount to cover their monthly needs, child’s fees, and rent.
Term Plans
Here is a list of the different types of insurance for life available in the USA:
Term insurance is a type of life insurance that offers financial coverage for a fixed term and during that tenure, if the policyholder suffers an untimely death, the insurer will pay the life cover to the nominee of the policy. However, this plan offers no maturity or wealth creation benefits.
A whole life insurance policy is a type of life insurance that provides coverage for the entire life of the policyholder (till 99/100 years of age). These plans offer cash value accumulation benefits, guaranteed death benefits, and the loan facility.
Universal life insurance is a type of life insurance plan that is very similar to the whole life insurance policies as it offers coverage for the entire policy term, but it also has fund options in which you can contribute for higher returns and create wealth over time.
The life insurance company in the USA depends on your individual needs, and the company that offers the required benefits would be the life insurance company for you. Let us take a look at some of the most common life insurance companies in the USA:
| Life Insurance Companies in the USA | Types of Plans Offered | |
| Globe Life Insurance | Term life, children’s life, whole life, final expense, accidental death, and mortgage protection insurance plans | |
| Ethos Life Insurance | Term life and whole life insurance plans | |
| TruStage Life Insurance | Term life, whole life, and guaranteed acceptance whole life insurance | |
| State Farm Life Insurance | Term life, whole life, and universal life insurance | |
| Met Life Insurance | Term life, group variable universal life, group universal, and accidental death insurance |
* You can use a life insurance calculator to check the approximate life insurance quotes applicable to your profile.
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Yes, everyone needs insurance for life as most individuals already have financial dependents or may have dependents sooner. Here is a list of reasons on how a life insurance can help you:
The payout can replace income in your absence
Family can pay off remaining debts and loans
Dependent kids can pay for their higher education
Leave a guaranteed legacy for the family
Secure your or your spouse’s retirement after the end of your monthly income
Family can use the payout to take care of the funeral costs
You can determine the right type of insurance for life by assessing your and your family’s financial needs and the tenure for which you want to cover your dependents. But to help you understand a little better, here is a list of benefits of life insurance plans:
Term Life Insurance
Lowest premiums compared to other plans
Death benefits on the death of life assured
Customisable coverage and policy term
Quick and easy policy issuance
Suited for income replacement
Whole Life Insurance
Cover till 99 or 100 years of age
Cash value accumulation
Death benefit on the death of the policyholder
Liquidity offered through a loan facility
For people who want to ensure a legacy
Investment Plans/Universal Life Insurance
Wealth creation through market-linked funds
Death benefits on the death of the life assured
Bonus offered as per policy participation
Offers liquidity via loan facility
For securing retirement or a child’s future
* You can use a life or term insurance calculator to get an estimate of the premiums you would need to pay for the desired life cover.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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