Featured Guide
What Is Life Insurance & How Does It Work?
A life insurance policy is a contract that provides money to be paid to a beneficiary upon the policyholder’s death. See which type fits your needs and budget.
Buying Affordable Life Insurance Just Got Easier
Life insurance can be a savings account for a child or a way to protect loved ones after you’re gone. You have many options when it comes to life insurance, so it’s important to understand each product’s advantages and disadvantages. SmartFinancial’s blog articles answer the most commonly asked questions about life insurance so you can make wise decisions. You can also compare prices on coverages for free, by answering a few questions about yourself.
The Basics of Life Insurance
Explore our Guides & Articles
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What Is Renewable Term Life Insurance?
What Is Convertible Term Life Insurance?
What Is Variable Universal Life Insurance?
Do I Need Life Insurance if I'm Single?
What Is Universal Life Insurance?
Are Life Insurance Premiums Tax Deductible?
What Is Indexed Universal Life Insurance?
What Is Term Life Insurance?
Is My Life Insurance Policy Taxable in 2023?
What Is Accidental Death & Dismemberment Insurance?
What Is Variable Life Insurance?
What Is Whole Life Insurance?
Key Terms to Know
Beneficiary
You can choose a life insurance beneficiary or beneficiaries to get paid out with a death benefit after you pass away.
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Policy
There are many types of life insurance so it’s important to understand the term limits and benefits of a policy before buying life insurance.
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Term Life Insurance
A term life insurance is only active for the stated term, like 10, 20 or 30 years, depending on the policy you buy. If you die within that term, no one receives a cash benefit but you may be able to renew the policy or convert it to a permanent one, depending on your insurer.
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Whole Life Insurance
Unlike a term-life policy, whole life insurance is a permanent life plan that will cover you through your entire life.
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Permanent Life Insurance
Permanent life insurance policies are active during your entire life as long as you make premium payments. Some permanent life insurance policies have a savings and/or investment component.
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Universal Life Insurance
Lifelong coverage and building cash value while investing are some of the benefits of having a universal life insurance policy.
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Death Benefit
After you pass away, your life insurance beneficiaries will receive a death benefit that will help with funeral costs and more.
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Cash Value
Some types of life insurance policies build up a cash value. You can cash out a policy or take out a loan against that policy.
Learn MoreFrequently Asked Questions
What’s the right kind of life insurance for me?
There are many different kinds of life insurance. It’s a good idea to learn what differentiates each one and whether or not you want a savings account or investment opportunity with your life insurance policy.
Can I have more than one beneficiary?
Yes, you can have more than one beneficiary, and you can decide how much goes to each one.
What happens to a life insurance cash value when the policy is paid off?
The insurance company will use the cash value to pay premiums until you die. If you take cash value out, there may not be enough to pay premiums. However, if you do not care to keep your policy active, you can cash it out entirely.
