Types of Life Insurance
Term life insurance
Term life insurance
Found Life secures the right term life coverage at a favorable price without blood work or medical exams, unless you specify otherwise.
You choose how long your coverage lasts. Typically, coverage lasts from 1 to 40 years, based on the amount you need and your age when you apply.
Since term life coverage ends at a pre-determined time, you might never make a claim. This minimizes risk to the carrier and makes term life more affordable for you.
- Coverage lasts for 1 to 40 years.
- Beneficiaries receive a guaranteed lump-sum cash payout if you pass away during the policy’s term.¹
- Policy does not build cash value over time.
- Premiums are typically more affordable than permanent life insurance premiums.
- Premiums don’t change over time, but with our Autopilot program, we may find you a better price on an annual price check.
Permanent life insurance
Permanent life insurance
Permanent life insurance coverage remains active for the rest of your life as long as you pay your premiums.
- Coverage lasts for the rest of your life. Beneficiaries receive a guaranteed lump-sum death benefit.¹
- Cash value can build over time for a tax-free retirement income.²
- Premiums are typically higher than term life insurance premiums.
There are two main types of permanent life insurance plans:
Whole life insurance
Whole life insurance coverage lasts the rest of your life as long as your premiums are paid. Generally, policies can be smaller to cover funeral expenses or larger to build cash value. Steady monthly premium payments are calculated by taking your rate to date, adding every annual rate through your 121st birthday, and dividing the total by the number of years between now and 121.
Whole life insurance
Whole life insurance coverage lasts the rest of your life as long as your premiums are paid. Generally, policies can be smaller to cover funeral expenses or larger to build cash value. Steady monthly premium payments are calculated by taking your rate to date, adding every annual rate through your 121st birthday, and dividing the total by the number of years between now and 121.
- Some whole life policies include options for guaranteed acceptance, regardless of health conditions.
- Coverage lasts for the rest of your life.
- Guaranteed Issue (final expense) coverage maximum is usually $30,000.
- Beneficiaries receive a guaranteed lump-sum cash payout upon your passing, regardless of when it happens.¹
- Some whole life policies build cash value over time. This may increase the death benefit while the cash account grows.
- Premiums are typically more expensive than term life policies.
Universal life insurance
Universal life insurance is a flexible form of permanent coverage that allows you to adjust your premiums and death benefits as your needs change over time. You can use universal life insurance to augment or replace your retirement savings plan. Universal life plans can provide several unique purposes while you’re alive. And when coverage is structured as an Indexed Universal Life (“IUL”) policy, you could collect tax-free retirement income that outperforms and outlasts a typical savings or investment account.
IULs also offer an interest-bearing, tax-deferred cash value component that you can use as loans for any financial need, like buying a car or house or paying off high-interest debt. And when you pay back the loan, you’re paying yourself back.
Universal life insurance
Universal life insurance is a flexible form of permanent coverage that allows you to adjust your premiums and death benefits as your needs change over time. You can use universal life insurance to augment or replace your retirement savings plan. Universal life plans can provide several unique purposes while you’re alive. And when coverage is structured as an Indexed Universal Life (“IUL”) policy, you could collect tax-free retirement income that outperforms and outlasts a typical savings or investment account.
IULs also offer an interest-bearing, tax-deferred cash value component that you can use as loans for any financial need, like buying a car or house or paying off high-interest debt. And when you pay back the loan, you’re paying yourself back.
- Coverage can last for the rest of your life, as long as premiums are paid.
- Acceptance usually requires underwriting and a medical exam.
- Beneficiaries receive a death benefit, which can be adjusted over the lifetime of the policy.
- Policy builds cash value and earns interest, often at a rate set by the insurer.
- Premiums and death benefits are adjustable to suit your financial needs.
- Death benefit access is available while you’re alive through a critical illness rider or long-term care rider added to the basic policy.²
- Premiums are paid yearly and are generally more expensive than term life insurance.
(1) Guarantees are subject of the claims paying ability of the insurer.
(2) Optional benefits are available for an additional charge. Some riders are not available in combination.
How to get started
Found Life offers you two easy ways to get started:
- Find my best price online or
- Click to call for guidance from an expert agent (800) 404-9038
We compare quotes from over 35 of the nation’s top insurance carriers to find your best possible policy and price for your needs. And, since insurance companies change their rates periodically, our Autopilot program alerts us to find the best price for you every year.
How to get started
Found Life offers you two easy ways to get started:
- Find my best price online or
- Click to call for guidance from an expert agent (800) 404-9038
We compare quotes from over 35 of the nation’s top insurance carriers to find your best possible policy and price for your needs. And, since insurance companies change their rates periodically, our Autopilot program alerts us to find the best price for you every year.