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Life insurance

A lump sum for the people who depend on your income, if you are not there to earn it.

What life insurance covers

Term life covers you for a set period — 10, 20, 30 years — and pays if you die during the term. It is simple and comparatively cheap because it usually expires unused. Permanent life (whole, universal) covers your whole life and builds cash value you can borrow against; it costs many times more per dollar of coverage. Most families’ core need — replacing income while kids are young and debts are high — is a term-shaped need, which is why needs calculations like ours start there.

Who needs it

• Parents and partners whose household spending runs on one or two incomes.
• Anyone with debts others would inherit in practice: a mortgage, co-signed loans.
• Anyone whose unpaid work (childcare, caregiving) would have to be replaced at market prices.
• If nobody depends on your income and your assets cover final expenses, you may genuinely not need it — the calculator will show a small or zero gap.

What it typically costs

For term coverage, a healthy 30-year-old non-smoker typically pays about $20–$30 per month for $500,000 of 20-year coverage (Guardian 2025 rate data via LifeQuote; consistent across 2026 rate guides). At 40 the same policy runs roughly $35–$50; at 50, roughly $90–$140. Smokers pay about 2–3× more. Permanent coverage for the same face amount commonly costs 10–15× the term premium — the core fact behind most term-vs-permanent mistakes.

What moves your price

• Your age when you buy (the single biggest factor)
• Health class and medical history
• Nicotine use (roughly 2–3× the premium)
• Coverage amount and term length
• Occupation and hobbies classed as risky
• Family medical history

How to shop it

1. Calculate your need first (our DIME calculator) — never let a seller size the policy before you do.
2. Match the term to the obligation: years until the mortgage is paid and the youngest child is independent.
3. Decide term vs. permanent on purpose, with the price difference in front of you — our comparison page lays it out.
4. Compare the same face amount and term across at least three companies; rates for identical coverage vary by 20–40%.
5. Buy while you are young and healthy if the need exists — the rate locks for the whole term.

Start here

Sources: Guardian Life 2025 rate data reported by LifeQuote (healthy 30-year-old, $500,000, 20-year term, ~$28/mo male / ~$23.50 female); Simply Insurance and LifeQuote 2026 rate guides for age bands and smoker multiples; 2025 Insurance Barometer Study (LIMRA/Life Happens) on cost misperception.