Life Insurance

I have kids...

You're a stay-at-home spouse. Think of all you do to keep the household running: child care, meal preparation, transportation, housekeeping and more. If you were gone, life suddenly gets a lot more challenging — and expensive. Life insurance can help with the cost of hiring help or changing jobs or work habits to accommodate a new lifestyle.

You're the sole breadwinner. Your family depends on your income. Make sure they have enough so that your spouse can transition into the workforce and still have enough to pay for childcare and other household expenses. You may also want to make sure they have enough to pay off the mortgage or have enough for college.

How does it work?

Once you begin a life insurance policy, you pay a set amount each month (called a "premium"). If you die while covered by life insurance, the people you've designated ("beneficiaries") generally get a settlement amount (called a "benefit"). They can use the money however they see fit and in many cases, this amount is not subject to federal income taxes.

I don't have kids...

You're single. While you may need less life insurance than someone with a family to support, you'll still have funeral expenses and might leave behind other debts you'd like to see paid off. You also might have family members you'd like to provide with financial support.

You're married and both work. Chances are your spouse depends on your income, regardless of whether you have children. Could he or she manage to pay the mortgage and all other household bills and debts alone? A life insurance policy could help your partner maintain his or her standard of living and take the steps necessary to move forward.

Who can get life insurance?

You can buy life insurance for anyone — you have an insurable interest in such as, yourself, your spouse, parents, or children — as long as they are medically eligible. To determine medical eligibility, there's a free exam for the insured person as part of the application process. Many members take advantage of covering their children through their life insurance policy for less than $7 per month. You can also provide them with protection for life with their own life insurance policy.

I have insurance through my job...

Many corporations provide their employees with free life insurance worth one or two times their annual salary. It's a nice benefit, but if you leave your company without a separate policy in place, it may be difficult, costly or even too late to buy one when you need it most. You may also need more insurance than your job provides. Check out our calculator to get an idea of your needs.

I'm in the military...

The military's Servicemembers Group Life Insurance (SGLI) offers $400,000 of inexpensive coverage that you should definitely take advantage of. But you should also consider additional coverage because if you leave the military without a separate policy in place, it may be difficult, costly or even too late to buy one when you need it most. And our military life insurance option has exclusive benefits for service members:

Accelerated review. To help ensure you're covered before you deploy, we may be able to expedite your application.

Coverage during time of war. In the event your death is caused by war, you're still covered.

$25,000 severe injury benefit. You're covered if you suffer certain severe injuries in the line of duty.