Life Insurance Reviews

Getting life insurance coverage with a well-established and financially secure company is key. Our reviews cover a range of insurers that offer different policies with customizable features to help you find the best insurer and policy for your needs.

Best Life Insurance Companies

Frequently Asked Questions
  • What is the average cost of life insurance?

    The cost of life insurance depends on a number of factors, including age, health, gender, the amount of death benefit, and the type of policy. We found that, on average, a healthy 35-year-old will pay $23 per month for a $500,000 policy with a 20-year term. However, a permanent life insurance policy for the same individual with the same death benefit could cost over $500 per month.

  • What's the difference between permanent and term insurance?

    Term life insurance offers you a death benefit for a specified term, such as five to 30 years, and provides no benefit if you outlive that term. Permanent life insurance is designed to pay out no matter when you die, even if you live to a ripe old age. For this reason, it's more expensive than term coverage and has some extra features, such as cash value, that term coverage does not.

  • How much life insurance do you need?

    There are different ways to estimate how much life insurance you need. One approach is to purchase a policy with a death benefit equal to 10 times your salary. Another is called the DIME formula—it accounts for your debts, income, mortgage, and education needs for dependents. There are other approaches as well that consider your circumstances in greater detail. 

  • What are the different types of life insurance?

    In general, life insurance can provide either permanent or temporary coverage. Permanent life insurance is designed to last into your old age, while temporary coverage ("term" life insurance) only lasts a specified number of years, such as 30. Common types of permanent life insurance include traditional whole life policies, universal life insurance, and variable life insurance.

  • What's the difference between universal and whole life insurance?

    Both types are designed to provide lifelong coverage and often have a surrender period during the early years of the policy. However, cash values in a whole life policy are guaranteed, while universal life cash values can fluctuate based on current interest rates. You also may be able to adjust the death benefit on a universal life policy and skip premium payments with sufficient cash value.

  • What is underwriting?

    Underwriting is the process a life insurance company uses to evaluate the risk they undertake by providing a life insurance policy on an insured. It's based on the insured person's health, age, gender, employment, hobbies, family history, credit, and other factors. Via the underwriting process, the insurer decides whether to approve someone's application for insurance and at what premium.

  • What if you made the wrong life insurance purchase?

    If you made the wrong life insurance purchase, you have options. For example, you may be able to amend your current policy to better meet your needs or cancel during the free look period with a full refund of any premium you paid. Whether you replace it with a new policy will depend on the type you purchased, its surrender period, and your needs.

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