Life insurance tailored to you. Help protect your family.

Some life insurance policies go through underwriting, which is the process of assessing risks faced by the insured. Premiums may vary based on the type of life insurance plan chosen (e.g., term, whole life, universal life). Your premium amount will be determined in part by the amount of insurance coverage you request, as well as your age, gender, and risk classification. Additional risks that can impact cost include tobacco use, health/medical history and risky hobbies/jobs.

If someone depends on you financially, you likely need life insurance. The proceeds of life insurance, known as the “death benefit,” can be used for any purpose. Life insurance beneficiaries can use the money to pay final expenses, replace lost income, pay off a mortgage or other debts, fund a child's education and more. As a bonus, life insurance proceeds are not subject to federal income taxes in most instances.

There are three major types of non-variable life insurance coverage:

• Term life insurance: The most affordable type, designed to pay a benefit if the insured person dies during a certain time period, such as 5, 10, or 20 years. Best when your need is limited to a set time period, such as the duration of your mortgage or until you retire. The coverage lasts only as long as the policy stipulates.
• Whole life insurance: Permanent protection to cover you for your whole life. Includes many guarantees, such as level premiums and guaranteed cash value, which accumulates over time and can be borrowed against.
• Universal life insurance: Another permanent form of life insurance with flexible premiums. Cash value accumulates tax-deferred and can be accessed in the future for any purpose.

Life insurance is an important component of any financial plan. Consider the following to determine how much you need:

• How much income does my family need if I died today?
• What debts or expenses need to be paid when I pass away? This may include mortgage, final expenses (funeral costs,
probate charges, costs of settling your estate), and any other debt (credit card, car loan balances).
• How much do I have set aside for savings?
• Do I have any existing life insurance policies?

Upon the policyholder's passing, the named beneficiary will receive the guaranteed death benefit (provided premiums are paid), which is typically a tax-free payment equal to the face amount of the policy, less any policy indebtedness.

Most life insurance claims are paid within 10 days of receiving a valid death certificate from the beneficiary.

Bankers Life's permanent life insurance policies offer living benefits, which build cash value that you can access through loans and withdrawals. The cash can then be used however you'd like—add to your retirement income, pay off debts, or cover emergency expenses.

Yes. There are two approaches to naming multiple beneficiaries:

• Per capita approach: Divides the benefit among all named beneficiaries. If a beneficiary is deceased, a share won't be created for that person, and shares of other members will be increased accordingly.
• Per stirpes approach: In the case of a deceased beneficiary, their distribution would be divided up evenly among the deceased's descendants.