Silent love, a lifelong promise with J.C. Phan Insurance life insurance
Do I need life insurance?
Almost everyone can benefit from some level of life insurance protection for their loved ones. You may be just starting out, raising a family, or preparing for your golden years—as long as you have loved ones you want to protect if you pass away, life insurance can help. The key is finding a policy that fits you. Whether you are looking for a large insurance package or just the basics, we have a policy that suits your needs.
Life insurance can help your loved ones:
- Pay for rising funeral costs
- Replace lost income or the value of your time (e.g., a stay-at-home caregiver)
- Pay off debt
- Cover college costs
- Leave an inheritance
- Protect your business
How much coverage do I need?
A good starting point to determine how much coverage you need is to add up all the financial responsibilities your loved ones would have to bear. That could include funeral costs, childcare, mortgage payments, college tuition, outstanding debts, or other daily expenses. Your coverage amount should account for the expenses you are currently paying or know you will have to pay in the future.
Without enough coverage, your family could face a large, unexpected financial burden. Our coverage calculator can help you estimate a number to ensure they are protected.
What types of life insurance are available?
Most life insurance falls into two basic categories: term (term) and permanent (permanent). Term insurance lasts for a specific period of time, and permanent insurance lasts for your entire life.
| Category | Term Life Insurance | Permanent Life Insurance |
| Cost | As low as $10/month | Prices vary |
| Coverage duration | 10-40 years | Lifetime |
| In-person medical exam | Sometimes required | Sometimes required |
| Other possible benefits | Convertibility to a permanent policy Coverage for children Accidental death benefit | Cash value with tax-deferred growth Ability to borrow or withdraw money based on policy value Accidental death benefit • Optional additional benefits for long-term care insurance (not accidental death benefit) |
Which life insurance policy is right for me?
Which life insurance policy is right for you depends on what you are looking for. Our LifeTrek tool can help determine the level of life insurance protection you need, taking into account your finances and specific goals. Just answer a few questions.
Why choose term life insurance?
Term life insurance is a great fit for those who want to save money today and protect their loved ones in the future. Whether you are single, married with kids, nearing retirement, or at any stage, a term life insurance policy protects anyone who might be burdened financially. This type is also significantly less expensive than permanent life insurance.
What is permanent life insurance?
Permanent life insurance is a policy that remains in force from the time you buy it until you die—assuming that all premium payments continue to be made. In addition to providing a death benefit to your family, it can also include a separate cash value savings component. Cash value can benefit you while you are alive by helping you pay premiums, withdraw money from your policy, and borrow against the policy.
There are a few different permanent life insurance policy options. Learn more about permanent life insurance? Find an agent.
What factors determine my life insurance cost?
The cost you pay for life insurance is affected by several factors. Some factors relate to you, while others relate to the world around you.
- Lifestyle: Smoking or high-risk activities often lead to higher premiums.
- Age: Typically, the younger you are when you buy insurance, the lower your premiums will be.
- Term vs. Permanent: Whole life insurance policies are generally significantly more expensive than term insurance policies.
- Policy term: Term insurance policies usually have terms of 10- to 40- years.
- Coverage amount: A policy with a larger death benefit will naturally cost more than a similar policy with a smaller coverage amount.
- Health history: Things like your current health, health history, and family medical history all affect your pricing.
- Life Insurance FAQs
Life Insurance FAQs
Employers often provide life insurance policies — and that is a great start. The problem is that this coverage only lasts while you work for the company, which leaves you at risk if you change or lose your job. And most people usually need more than what employees can offer.
Absolutely. The misconception about the price of life insurance is a major reason why many people choose not to participate. Consumers think life insurance costs nearly three times the actual price, according to a report by the non-profit organization Life Happens. Premiums depend on many factors, including your age and health, so you should consider life insurance right now instead of waiting until you are older.
Unmarried? No children in the near future? You might think you don’t need life insurance yet, but it can be beneficial for you to buy it today. Generally, the younger and healthier you are when you start buying life insurance, the lower the cost and the easier it is to qualify. And every year you wait to buy life insurance, your premiums will most likely increase. And if you develop any health issues in the future, it could affect your ability to get life insurance regardless of your age.