How does life insurance work? Do you need it? Can you afford it? This brief video describes the basics of life insurance and a link to a guide busting life insurance myths.
Get startedThe Protective® Classic Choice Term life product is designed to give you the affordability you need today with options for the future.
1 Conversion options will vary based on term length and product availability. And pricing for your new policy is subject to change, though you will retain your original risk class. Savings based on premium comparisons with leading national life insurance carrier term products. Premiums were compared between the Protective Classic Choice Term life policy and the competitors’ term products for a 30-year old male with a $100,000 death benefit, select preferred non-tobacco underwriting class and a 10-year initial guaranteed premium period. Rates are effective as of January 25, 2022, vary by carrier and are subject to change without notice. Competitor policies may not be available in all states.
Providing a few years of income replacement for families in their prime earnings years.
Policy proceeds can be used to cover an outstanding mortgage balance or other debt.
A safety net should something happen to you while you’re saving for your child’s college education.
Policy proceeds can prevent your family from being burdened with covering student loans.
Term life insurance works by providing a fixed death benefit if the insured dies during the policy period, typically 10-40 years. The limited timeframe for payout makes term life less expensive than permanent life insurance.
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A little bit of education can go a long way in understanding how life insurance protects you, your budget and your family.
What is term life insurance?
Term life insurance policies provide coverage for a set period of time, i.e., 20 years. The death benefit is paid only if the insured dies during that timeframe. Term life is often less expensive than other life insurance policies but offers no cash value.
How does term life insurance work?
Term life insurance works by providing a fixed death benefit if the insured dies during the policy period, typically 10-40 years. The limited timeframe for payout makes term life less expensive than permanent life insurance.
What is the difference between term and whole life insurance?
While term life policies provide coverage for a limited timeframe, i.e., 20 years, whole life policies feature a guaranteed lifetime death benefit (when required premiums are maintained) and can build cash value that can be borrowed against. These additional whole life benefits make it more expensive than term life.
How much term life insurance do I need?
The amount of term life insurance needed varies by individual and often includes funding to replace income, pay off a mortgage and other debts, and/or cover specific expenses, like a child's education. Here's a tool to help with that calculation.
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