👨‍👩‍👧 Life Insurance: Planning for Your Loved Ones

Explainer

Life insurance pays beneficiaries when the insured passes away. It’s designed to protect dependents financially.

Types:

• Term Life: Affordable, coverage for set years (10, 20, 30)
• Whole Life / Permanent: Lifetime coverage, includes cash value
• Universal Life: Flexible premiums, investment component

Comparison: Term vs. Whole Life

• Term: Low cost, best for income replacement
• Whole: Expensive, but doubles as an asset-building tool

Guide: How Much Coverage Do You Need?

Multiply income x years of support needed

Add debts (mortgage, student loans)

Consider children’s education costs

Trends in 2025

• Increasing interest in “no-medical exam” policies
• Growth of digital-first insurers (Ladder, Bestow)
• Hybrid life insurance with long-term care riders