Education Center
Life insurance can do more than many people realize. Different policies are designed for different purposes, and some may provide benefits that can be accessed during qualifying events while you’re still living.
Where to begin
There isn’t one type of life insurance that’s right for everyone.
The better starting question is:
What do you want this policy to accomplish?
Different types of life insurance are designed to address different needs.
Coverage for a set period
Term insurance generally provides life insurance protection for a specified period.
It may be considered when someone wants coverage for needs such as:
Term insurance is often straightforward, but features, duration, renewability, conversion options and premiums can vary.
Coverage designed to last
Permanent life insurance is generally designed to provide longer-term coverage when policy requirements are maintained.
Depending on the policy type, it may also include a cash-value component.
Permanent insurance may be considered for needs such as:
Different types of permanent insurance work differently, making it important to understand guarantees, assumptions, costs and policy features.
Often misunderstood
Many people think life insurance only helps after someone dies.
Certain life insurance policies may include Living Benefits, sometimes through accelerated benefit riders, that may allow an eligible policyholder to access a portion of the policy’s death benefit following qualifying events.
Depending on the policy and rider provisions, qualifying circumstances may involve certain:
Availability, definitions, eligibility and benefits vary by insurance company and policy.
Accessing benefits may also reduce the amount ultimately available to beneficiaries.
The important takeaway:
Life insurance may have a role in protecting both the people you leave behind and, depending on the policy, you while you’re living.
Bring these with you
Insurance products, benefits, availability and eligibility vary by carrier, product, location and individual circumstances. Product-specific terms, limitations, exclusions and applicable disclosures should be reviewed before making coverage decisions.
The following applies to our Medicare products. We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.
Restore Benefits LLC is a licensed insurance agency. We are not connected with or endorsed by the United States government or the federal Medicare program.
