Life insurance is really about one question: if you weren't here, what would your family need to keep going?
For most families, that means paying off the mortgage, replacing a few years of income, covering childcare and college, and keeping the ranch or business running. We'll help you put real numbers on it and then compare policies that fit your budget.
What a policy can cover
Term life
Coverage for a set period, like 10, 20 or 30 years. The most coverage for the lowest premium.
Whole life
Permanent coverage with level premiums and guaranteed cash value growth.
Universal life
Permanent coverage with more flexibility in premiums and death benefit.
Mortgage protection
Term coverage sized to your mortgage so your family can stay in the house.
Business succession
Funding buy-sell agreements so a partner or family can keep the business.
Final expense
Smaller permanent policies that cover funeral costs and final bills.
| Type | Typical cost | Cash value | Good fit for |
|---|---|---|---|
| Term | Lowest | No (usually) | Income replacement, mortgage, young families |
| Whole life | Highest | Yes, guaranteed | Lifelong coverage, estate planning |
| Universal | Moderate | Yes, varies | Flexible permanent coverage |
How much life insurance do I need?
A rough starting point many families use: add up your mortgage and other debts, several years of the income your family would lose, future costs like college, and final expenses. Subtract savings and any existing coverage. The gap is roughly what you need.
That's only a starting point. Ranch and business owners often have extra considerations, like keeping operations running or paying estate costs without selling land. We'll walk through it with you.
Life insurance coverage and premiums depend on age, health and underwriting by the insurance company. Policies may require a medical exam. Cash values and dividends, where applicable, are subject to policy terms.
Discounts worth asking about
- Buying younger
- Healthy lifestyle and non-tobacco rates
- Annual payment
- Choosing the right term length
Discounts, coverages and limits vary by insurance company and are subject to eligibility and underwriting.
Questions people ask
Is term or whole life better?
Neither is better for everyone. Term gives the most coverage for the money for a set period. Whole life costs more but lasts your whole life and builds cash value.
Do I need a medical exam?
Some policies require one, some don't. No-exam policies are convenient but may cost more or have lower limits.
Is life insurance through work enough?
Often not. Group coverage is usually one or two times salary and typically ends if you leave the job.
Can I name a trust as beneficiary?
Yes. Many people name a trust, especially with minor children or ranch property. Talk to your attorney about estate planning.