Login & Register Life Insurance Get an instant term life quote – and find out about other coverage options. Why get life insurance? First and foremost, to protect your family and those who depend on you for financial support. All life insurance will provide a payout to your beneficiaries if you pass away, but different kinds of policies can provide other benefits as well. The best way to start learning about your options is by seeing how easy it can be to get that protection. Just take a few seconds to fill in the blanks, and you'll see how affordable a policy can be: Term life insurance calculator Figure out how much you need and get an instant quote Life I am a male female who is years old. I do do not use tobacco I earn $ per year. Get my quote Life insurance basics How much does life insurance cost? How much life insurance should you get? Common mistakes to avoid Our calculator gives you the monthly cost for a 20-year term life insurance policy. The policy you end up buying could cost more or less depending on the death benefit (or coverage amount) and type of policy chosen. A policy with a shorter 10-year term will cost less than a 20-year term; permanent life insurance coverage (such as whole or universal life) will cost more. Also, factors such as age, health status, gender, and lifestyle affect your life expectancy along with the cost of a policy – that's why most life insurance companies require a medical exam before you can get coverage. What are the three types of life insurance? Term life insurance This coverage lasts for a limited time, typically 10, 15, 20, or 30 years. It's very easy to get a quote and buy term coverage, and it's also typically more affordable than permanent whole or universal life insurance. However, when your term ends, you're no longer protected – you either have to apply for a new policy at a higher cost (because you're older) or go without. However, many term policies (such as those from Guardian) may let you transition to a permanent policy in the future. You may also be able to get a policy through your employer at a lower group rate. Learn more Whole life insurance This is permanent life insurance coverage that can provide guaranteed protection for the rest of your life while earning additional cash value that can be used for things like policy loans8. Whole life policies don't expire as long as your regular premiums are paid. Policies from a mutual life insurance company (such as Guardian) may also provide dividends, helping you fund life's other financial opportunities.1,2,3 Learn more Universal life insurance Like whole life insurance, this type of policy provides permanent protection and can earn additional cash value. However, universal life insurance can give the added flexibility of adjusting your monthly payments within a specific range to help you better deal with changing work circumstances.4 Learn more Why you need to consider life insurance Life insurance is an important part of your financial wellness, regardless of your family status. Here are types of coverage to consider for what's important to you: Single adult starting out Income-producing parent Stay-at-home parent in a young family Homeowner Student loan co-signers High net worth individuals Business owners Planning for retirement If you pass away and don't have life insurance, final expenses and other costs could be a burden on those around you. For example, the average cost of a funeral is $7,000 - $10,000.5 And if anyone, like a parent, has co-signed for loans or other types of debt you have — including some student loans — that person could be responsible for the debt, or related taxes.6 Type of life insurance to consider Term life is typically an inexpensive approach. And generally, the cost when you're young is lower than it will be later. With a convertibility option, you can lock in coverage now and then convert to permanent coverage later when you have a higher income. How term life works How to buy life insurance Through your workplace Online Working with a financial professional Through your workplace A good place to start is your workplace, as your employer may offer life insurance at lower group rates. If offered, think about enrolling. It's generally affordable and easy to buy. Your employer has done the work of finding a policy, and enrolling typically requires little more than signing a form. You may be able to obtain this coverage without taking a medical exam or providing medical records. However, the coverage amount offered may be limited, and you might want more protection to help provide financial confidence to your loved ones. Fortunately, other options are available. Frequently asked questions How much does life insurance cost per month on average? Are life insurance policies taxable? What is the best life insurance policy? Is life insurance worth getting? Disclaimer 1 All whole life insurance policy guarantees are subject to the timely payment of all required premiums and the claims-paying ability of the issuing insurance company. 2 Dividends are not guaranteed. They are declared annually by Guardian's Board of Directors. The total dividend calculation includes mortality experience and expense management as well as investment results. 3 Some whole life policies do not have cash values in the first two years of the policy and don't pay a dividend until the policy's third year. Talk to your financial representative and refer to your individual whole life policy illustration for more information 4 Universal Life Insurance may lapse prematurely due to inadequate funding (low or no premium), increase in cost of insurance rates as the insured grows older, and a low interest crediting rate. This does not apply to universal life policies which have a secondary guarantee, but if the secondary guarantee requirements are not met, the policy will most likely lapse. 5 "Funeral Costs: How Much Does an Average Funeral Cost?" Parting, September 14, 2019 6 Deceased Taxpayers – Understanding the General Duties as an Estate Administrator" IRS, July 16, 2019 7 https://www.policygenius.com/life-insurance/affordable-life-insurance/ Last accessed August 2020. 8 Policy benefits are reduced by any outstanding loan or loan interest and/or withdrawals. Dividends, if any, are affected by policy loans and loan interest. Withdrawals above the cost basis may result in taxable ordinary income. If the policy lapses, or is surrendered, any outstanding loans considered gain in the policy may be subject to ordinary income taxes. If the policy is a Modified Endowment Contract (MEC), loans are treated like withdrawals, but as gain first, subject to ordinary income taxes. If the policy owner is under 59 ½, any taxable withdrawal may also be subject to a 10% federal tax penalty. 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