Life insurance, in plain words
122 short answers to the questions people ask most. Each one is checked against public sources and linked at the bottom.
Basics
How much life insurance do I need?Why does an agent call me after I ask for a quote?How long does it take to get life insurance?Is life insurance worth it?How do I check if a life insurance agent is licensed?How do I spot a life insurance scam?What is the difference between life insurance and an annuity?How many agents will call me after I ask for a quote, and how do I make them stop?Do I need life insurance if I have no kids?Is it safe to buy life insurance online?How does life insurance work?What is the DIME method for life insurance?
Cost
Coverage types
Term vs whole life: which one is right for me?What is final expense insurance?Is mortgage protection insurance the same as PMI?What is IUL (indexed universal life)?Is the life insurance from my job enough?What is guaranteed issue and a graded death benefit?What is an accelerated death benefit rider?Can I have more than one life insurance policy?What is return of premium term life?Can I turn my term policy into a permanent one?Does life insurance pay if I die in a car accident?What is cash value in life insurance?What are life insurance riders?What is a waiver of premium rider?What is simplified issue life insurance?Preneed funeral plan vs final expense insurance: what is the difference?What is a chronic illness rider?What is the difference between level term and decreasing term?Is my union life insurance enough?VGLI vs private life insurance: which is better for veterans?What are the types of life insurance?What is permanent life insurance?Is IUL a scam?What are living benefits on term life insurance?What is joint life insurance?Is there cremation insurance?
Health and job
Can I get life insurance without a medical exam?Does my job change what I pay for life insurance?How does smoking or vaping change my price?What happens at a life insurance medical exam?What is life insurance underwriting?What is the MIB and does it affect my life insurance?Do life insurance companies check my prescriptions?Can I get life insurance with a DUI?Can I get life insurance with a criminal record?Does using marijuana change my life insurance price?Does travel outside the US affect my life insurance?Do hobbies like skydiving or scuba diving affect life insurance?Can I get life insurance if I am on disability or SSDI?Does a DOT physical or CDL medical card help me get life insurance?What does a life insurance medical exam test for?Does my credit score affect life insurance?Can I get life insurance while pregnant?What happens in a life insurance phone interview?
Policy rules
What is the contestability period?What is a free look period?Who should I name as my beneficiary? Can a child be one?What happens if I miss a payment?Should I replace my old policy with a new one?Can I take out life insurance on someone else?What does life insurance not cover?What is a contingent beneficiary?What happens if my beneficiary dies before me?What happens when my term life policy ends?How do I cancel a life insurance policy?Can I keep my work life insurance when I leave my job?What is a paid up life insurance policy?What is a life insurance illustration?What is a modified endowment contract (MEC)?What is a 1035 exchange?Can I assign my life insurance to a funeral home?What happens if I stop paying my whole life policy?Can I bring back a lapsed life insurance policy?What does a 2 year waiting period mean on burial insurance?Can a child be my life insurance beneficiary?Does life insurance pay if the death is a suicide?Can I renew my term life insurance?
Claims and money
Is a life insurance payout taxed?What happens if my life insurance company goes out of business?How do I file a life insurance claim and how long does it take?How do I find a lost life insurance policy?Can I borrow money from my life insurance?Can I cash out my life insurance policy?Does life insurance go through probate?Can creditors take my life insurance payout?What is a life insurance trust (ILIT)?Does life insurance count toward estate tax?How is a life insurance payout paid out? Lump sum or monthly?What are life insurance dividends?Does life insurance pay if I die outside the US, like in Mexico?Who pays for a funeral if there is no money or insurance?Does Social Security pay a death benefit?What is the average life insurance payout?How do I find unclaimed life insurance money?Does Medicare pay for a funeral?Does life insurance pay off my mortgage when I die?What happens to the mortgage when a spouse dies?
Special cases
What life insurance can veterans get? (VGLI, VALife)Does a stay at home parent need life insurance?Am I too old to get life insurance?What are my options for life insurance over 70?Can I buy life insurance on my parents?Is life insurance for kids worth it?What happens to life insurance after a divorce?Does life insurance affect Medicaid or SSI?Can green card holders and visa holders get life insurance?Can I get life insurance with an ITIN instead of a Social Security number?What does it cost to send a loved one's body back to another country, and can insurance help?Does the VA pay for a veteran's funeral and burial?How do I avoid final expense insurance scams?Why am I getting mortgage protection letters in the mail?Can I buy life insurance on my parents without them knowing?Is there an age limit for life insurance?
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Most asked questions
How does life insurance work?
You pay a monthly premium. If you die while the policy is in force, the company pays a set amount to the people you named.
How fast does life insurance pay out?
Many claims are paid within 30 to 60 days after the company gets the death certificate and claim form.
Is a life insurance payout taxed?
Usually not. The IRS says life insurance paid because someone died is generally not income for the person who gets it.
Can I have more than one life insurance policy?
Yes. Many people have a work plan and a policy of their own.
See your price in 2 minutes
Two minutes, a few questions, and a licensed agent shows you what it really costs. No exam needed for many plans.
About 3 in 4 people guess life insurance costs more than it does. LIMRA 2026