What is life insurance?

Life insurance is a contract in which a policyholder pays regular premiums in exchange for a lump-sum death benefit may be paid to the policyholder’s beneficiaries. The lump-sum benefit is paid when the policyholder either passes away or a specific amount of time has passed. Life insurance policies can help provide financial security by replacing lost income and covering expenses.

If you’re looking for a life insurance policy, we’ve got you covered. The GEICO Insurance Agency, LLC has teamed up with partners to offer affordable life insurance options to meet your family’s needs. Get a life insurance quote online or call us at (888) 532-5433 to get the assurance of knowing your loved ones will be protected.

What do you need to start a life insurance quote?

  • Amount of outstanding debt left on things such as mortgage, loans, etc.
  • Specific information regarding medical conditions
  • Income level and occupation
  • General medical information you may be asked about includes height, weight, blood pressure, and cholesterol levels

How much does life insurance cost?

The cost of life insurance varies based on your specific situation. This takes into account many things such as your medical history to your hobbies. For more information about life insurance quotes, we have the answers to your life insurance questions.

How much life insurance do I need?

Determining how much insurance you need is not as hard as you may think. By answering just a few questions and doing some simple math, you can quickly estimate your life insurance needs and see how affordable a policy can be.

What are the different types of life insurance?

There are different kinds of life insurance policies, each meeting different needs. The section below illustrates the difference between term lifewhole life, and universal Life insurance.

Term Life Typically Covers:

  • A specific period of time
  • Could help replace income
  • May cover some other expenses
  • May be eligible for a No-Med Exam policy

You may be eligible for a No-Med Exam policy. Instead of a medical exam, this option asks a number of detailed health, financial, and hobby questions.

Whole or Universal Life Insurance Typically Cover:

  • Coverage for your lifetime, as long as policy terms are met
  • Help with income replacement
  • Providing supplemental income
  • Assisting with estate planning
  • May offer an optional fund you can contribute to above and beyond your regular life insurance (side cash fund) that can build over time
Please note that Universal Life premiums can fluctuate.

What is the best life insurance policy for me?

As everyone’s situation is different, you’ll need to make your own choice as to which product works best for you. However, in general these groups of people choose:

Term Life Insurance Policy:

  • Main breadwinner
  • Stay at home parent
  • Homeowners
  • Business owners

Whole or Universal Life Insurance Policy

  • Provide an inheritance to survivors
  • High net worth individuals
  • Pay for your own funeral expenses

Do you need more specific information? You can check out our life insurance for every life stage article to see what may work best for you.

Why do you need life insurance?

Life insurance helps you plan ahead and provides long-term financial security for your family when they would need it most. You can’t put a dollar amount on your loved ones, but a term life insurance policy can help ensure their future is protected. Determine how much coverage you need and how long it’s needed, and the GEICO Insurance Agency, LLC and it’s partners can provide an affordable life insurance policy that is the perfect fit for you and your family. Get a life insurance quote online or call us at (888) 532-5433 and get the satisfaction of knowing your loved ones are protected.

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What is life insurance?