Frequently Asked Questions

Even if you don't have dependents or a partner, life insurance can still provide benefits down the road. In the event that you have unsettled debt at the time of your death, the death benefit from life insurance could help pay that down and help your loved ones cover final expenses. Some types of life insurance, such as indexed universal life (IUL), can also provide you access to available funds in your policy via loans or withdrawals; this can help with unexpected expenses or supplement retirement income

The main purpose of life insurance is to provide a financial benefit to your loved ones when you pass away, through the death benefit that is generally paid income-tax-free to your beneficiaries. But it can also be used to leave a legacy for a charity, school, or religious or community organization you wish to support. And for small-business owners, life insurance can play a role in employee retention and transfer of ownership of the business.

Many employers offer term life insurance as a benefit. But as the name suggests, term policies cover you only for a specified period of time. This generally means that if you leave your job, your life insurance coverage ends. Purchasing your own permanent life insurance policy (such as IUL) can help provide financial reassurance over the long term, even if you switch jobs.

The short answer: It depends on a lot of factors. Your financial professional can help you assess your needs – both today and into the future. To make a quick estimate, try our easy life insurance calculator.