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Our experts have answers to the most commonly asked life insurance questions. Life insurance.

What is life insurance?

Life insurance provides a payout after your death to the people you designate as beneficiaries. It’s an important safety net if anyone depends on you financially. The life insurance payout can pay debts such as a mortgage, replace your income and provide college tuition funds.

Who needs life insurance?

NerdWallet recommends life insurance for anyone who has loved ones who depend on them financially. This includes working or stay-at-home parents, homeowners who have a mortgage, business owners and others. More: Who needs life insurance

What’s the difference between whole and term life insurance?

Term insurance covers you for a set amount of time and is sufficient for most people. Among the various types of life insurance available, term life insurance quotes are the most affordable. Whole life insurance pays out no matter when you die, and builds cash value that you can access. More: Term vs. whole life insurance

Insurance premium

How are life insurance quotes calculated?

Life insurance companies use life expectancy as the basis for determining rates. Anything that could shorten your life expectancy will typically lead to a higher price. Your age, gender, health conditions and family’s health history are all taken into consideration. More: Average life insurance rates

Can I get life insurance if I have a medical condition?

Don’t let a health condition stop you from getting life insurance quotes. 80% of people overestimate the cost of term life insurance. Life insurance is widely available to people with medical conditions. More: Life insurance with a medical condition

What information is required when applying for term life insurance?

You’re typically asked about your current and past health conditions, and your family health history. The insurer may ask for your consent to get your medical records and may ask you to take a life insurance medical exam. Insurers will also check other data sources to determine term life insurance quotes. More: What you need to apply for term life insurance

Need life insurance policy

If you are covered under a group life insurance policy through your employer, do you still need a personal policy?

It is generally a good idea to have your own life insurance policy outside the coverage provided by your employer. The policy through your employer is likely not enough and typically ends if you leave the job. More: Group life insurance through work