Coverage
Coverage options, explained simply
Every family's situation is different. Here's a plain-English look at the four types of coverage I help with, and who each one tends to fit.
Term life insurance
Term life covers you for a set number of years, commonly 10, 20, or 30. If you pass away during the term, your beneficiaries receive the death benefit. It usually costs the least for the amount of coverage, which is why it's the most common choice for young families.
Who it tends to fit
Parents with kids at home, people with a mortgage or other large debts, and anyone who needs a lot of protection for a specific stretch of life.
Good to know
When the term ends, so does the coverage unless you renew or convert it, and renewing usually costs more. Many policies include a conversion option, which is worth checking before you buy.
Whole life insurance
Whole life is permanent coverage designed to last your entire life as long as premiums are paid. It also builds cash value over time, which you can borrow against. Premiums are typically higher than term for the same death benefit.
Who it tends to fit
People who want coverage that never expires, who want to leave something behind for their family, or who want a predictable policy with a savings component.
Good to know
Policy loans accrue interest and reduce the death benefit if not repaid. Cash value growth is slower in the early years. We'll walk through how it works before you decide.
Mortgage protection
Mortgage protection is life insurance set up to help your family keep the home if you pass away. The benefit goes to the beneficiary you name, so they can pay off or continue paying the mortgage.
Who it tends to fit
New and current homeowners who want to be sure their family can stay in the house.
Good to know
Mortgage protection is not PMI. PMI protects your lender, not your family. It is also not required by or connected to your lender or mortgage servicer. In many cases a standard term policy sized to your mortgage does the same job, so I compare both before recommending anything.
Get a mortgage protection quote Book a mortgage protection call See the mortgage protection page →
Final expense insurance
Final expense insurance is a smaller whole life policy meant to cover funeral and burial costs, outstanding medical bills, and other end-of-life expenses, so your family isn't left to pay them out of pocket.
Who it tends to fit
People in their 50s and older who want to take a financial burden off their family, and people who may not qualify for larger policies.
Good to know
Many of these policies do not require a medical exam, though some have a waiting period before the full benefit is paid. Coverage amounts are smaller than traditional life policies.