Life insurance, explained simply.

Coverage for a set number of years, usually the lowest price per dollar of protection.

How it works

• You choose a term, commonly 10, 15, 20 or 30 years, and a death benefit amount.
• Premiums are usually level (they stay the same) for the whole term.
• If you pass away during the term, your beneficiaries receive the death benefit, generally income-tax free.

Good to know

• Many policies can be converted to permanent coverage without a new medical exam, up to a certain age.
• Renewing after the term ends is possible with some carriers but usually much more expensive.
• Locking in a rate while you are younger and healthier generally costs less.

Permanent coverage with fixed premiums and a cash value that grows over time.

How it works

• Coverage lasts your entire life as long as premiums are paid.
• Part of each premium builds cash value on a guaranteed schedule.
• You may be able to borrow against the cash value, which reduces the death benefit if not repaid.

Good to know

• Premiums are significantly higher than term life for the same death benefit.
• Surrendering a policy early can mean getting back less than you paid in.

Permanent coverage with more flexibility in premiums and death benefit.

How it works

• You can adjust premium payments and the death benefit within limits.
• Cash value earns interest based on a rate set by the insurer (or an index, for indexed universal life).
• Guaranteed universal life (GUL) focuses on a lifetime death benefit at a lower cost, with little cash value.

Good to know

• Underpaying for long periods can cause the policy to lapse. Review your annual statement.
• Indexed products have caps and fees, so read the illustration carefully.

Small whole life policies designed to cover funeral and end-of-life costs.

What it is

• A whole life policy with a smaller benefit, typically $5,000 to $35,000.
• Meant to cover funeral, burial or cremation, and final bills so family isn't left with them.
• Many plans need no medical exam, only a few health questions.

Good to know

• Premiums are usually fixed for life and coverage doesn't expire.
• Guaranteed-issue plans accept almost everyone but often have a 2-year waiting period before the full benefit is paid for natural causes.

Get covered without a medical exam, often decided in days instead of weeks.

Types of no-exam coverage

• Accelerated underwriting: uses health questions and data checks, and can offer rates close to fully underwritten policies.
• Simplified issue: a short health questionnaire, no exam, usually moderate coverage limits.
• Guaranteed issue: no health questions, lower benefit amounts and a waiting period.

Good to know

• Answer health questions honestly. Misstatements can lead to a denied claim.
• If you're healthy, a fully underwritten policy with an exam may still be cheaper.

Options and price factors for adults in their 50s, 60s, 70s and beyond.

Your main options

• Term life is often still available into your 60s and early 70s, with shorter terms at older ages.
• Guaranteed universal life can provide lifelong coverage at a lower cost than whole life.
• Final expense policies cover end-of-life costs with simple approval.

What affects your price

• Age, health history, tobacco use and the benefit amount you choose.
• Comparing several insurers matters more with age, since each one weighs health conditions differently.

Insurers may limit some products by age, and availability varies by state.