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For $30-$60/month, you can ensure your family is financially secure if something happens to you. Here's exactly how much and what type to buy.
Coverage = (Annual Income × 10-12) + Debts + Future Education Costs − Existing Assets
Replace your income for 10-12 years plus cover major obligations
$500K-$1.5M
Typical Coverage
For dual-income families
$30-$60
Monthly Cost (Healthy 35yr)
For $1M 20-year term
99%+
Payout Rate
Claims are almost always paid
Only One Makes Financial Sense
| Feature | Term Life | Whole Life |
|---|---|---|
| Monthly Cost ($1M, age 35) | $40-$60 | $500-$1,000 |
| Coverage Period | 10, 20, or 30 years | Lifetime |
| Cash Value | None | Yes (poor returns) |
| Investment Returns | Invest savings yourself (8-10%) | 2-4% inside policy |
| Complexity | Simple — you die, they pay | Complex, surrender charges |
| Commission to Agent | Low (why agents push whole) | Very high (50-100% of year 1 premium) |
Buy Term, Invest the Difference
Calculate Coverage Need
10-12x income + mortgage + kid's college. Subtract spouse's income and savings.
Choose Term Length
Match to obligations: 20-year if kids are young, 30-year if newborn.
Get Quotes from 3+ Companies
Policygenius, Bestow, Ladder — compare instantly online.
Apply (Medical Exam or No-Exam)
Exam policies are 20-30% cheaper. No-exam is faster but more expensive.
Name Beneficiaries Clearly
Primary + contingent. Review after marriage, divorce, or new children.
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Key Takeaways