Life Insurance Basics
Term vs. whole life, how much coverage you need, what it costs and how life insurance is taxed.
Most people only need to make three decisions when they buy life insurance: which type of policy, how much coverage and for how long. The rest is shopping. These guides explain each decision in plain English, with figures from regulators, the IRS and published rate studies.
New to life insurance? Start with term vs. whole life insurance, then work out how much coverage you need.
All Life Insurance Basics guides
Life Insurance Basics
Term vs. Whole Life Insurance: Which Is Right for You?
Term life covers you for a set number of years at a lower cost. Whole life lasts for life and builds cash value, but costs more. Here is how they compare and who each one fits.
Life Insurance Basics
How Much Life Insurance Do You Need? A Simple Calculation
Work out how much life insurance you need in five steps: income to replace, debts, future costs like college, existing savings and coverage, and for how long.
Life Insurance Basics
How Much Does Life Insurance Cost? Rates by Age, Amount and Term
Term life rates by age, coverage amount, term length, health class and smoking status, from October 2026 data, plus what drives the price and how to pay less.
Life Insurance Basics
Is Life Insurance Taxable? What Beneficiaries Need to Know
Life insurance death benefits are generally not taxable income, but interest, some transferred policies and large estates are exceptions. Here are the IRS rules in plain English.