What kind of life insurance do I need?

There are two main types of life insurance: term life insurance and permanent life insurance.

Term life insurance is typically the more simple and affordable option. It provides coverage for a set period of time or “term,” typically 10-30 years, and is designed to protect your dependents during your income-earning years. If you pass away during the term period, your beneficiaries will receive a lump-sum payment of the policy proceeds.

Permanent life insurance, which includes whole life insurance, provides coverage for your entire life. Some permanent life insurance policies let you access cash value with a policy loan, a withdrawal, or a partial surrender from the policy. Withdrawals, partial surrenders, and outstanding loans will usually reduce the amount paid to beneficiaries.

At Ethos, our goal is to ensure and protect as many families as possible. Offering term and guaranteed issue whole life insurance lets us do just that.

Term life insurance might be right for you, particularly if:

• You need coverage to replace your income over a fixed period of time (like when you’re raising children or paying off a mortgage)
• You want the most affordable coverage which provides insurance for a specific period of time (like while you are working and saving for retirement)
• You want a streamlined and straightforward process to quickly provide your family with protection when they need it most (like while you are a wage earner, covering household expenses)

Guaranteed issue whole life insurance might be right for you, particularly if:

• You’re between the ages of 65 and 85
• You want a simple process without medical exams or lab tests
• You thought you couldn’t get life insurance because of your age or health
• You want your policy to build cash value
• You want coverage for the rest of your life
• You don’t want your family to have to worry about your final expenses
• You’re willing to pay a higher premium for the unique benefits of this coverage