Life insurance
A $250,000 policy for as little as $50 per month. Get your life insurance quote today.
*Example based on a $250,000 10-year term RAPIDecision Life Policy for a 30-year-old female approved for the Tier 1 risk class. Example current as of 9/10/24.
What is life insurance?
We all want to protect our loved ones, and one of the best ways to do so is with a life insurance policy. Life insurance is an important coverage that can help give you and your loved ones some peace of mind in the event of an unexpected death.
Basically, life insurance works as an income replacement. When you purchase a policy, you’re paying a premium to your provider who agrees to pay the amount – the death benefit – to your policy’s beneficiary if you were to pass away.
Life insurance helps to provide your loved ones with some long-term financial stability. It can be reassuring to know that things such as final expenses, lost income, mortgages, or a child’s education can be taken care of with a life insurance policy. Through a quick and simple process, life insurance can provide the comfort of knowing your loved ones are taken care of, should the unexpected happen.
What is needed to get a life insurance quote?
Getting a life insurance quote can be quick and easy. Return to the top of the page and enter your ZIP code to start a life insurance quote with our partner Fidelity Life or call 844-734-3456 to speak with an agent.
Life insurance pricing is generally based on several factors, including:
- How much coverage do you need? You should consider your current income, debts, and ongoing expenses your family will need to continue to pay if you pass away.
- Your medical history, as well as basic health information such as your height, weight, and any medications you take.
- The medical histories of your immediate family members.
- Your current income and net worth.
How much life insurance coverage do I need?
Your income is the most common factor used in determining your life insurance needs, with some experts suggesting you need 10 times your income in life insurance. However, your income may not be the only important factor to consider when purchasing life insurance. It is important to also consider how much money is needed to help protect your family from financial turmoil if you were to pass away unexpectedly.
To help you determine how much your family will need, consider the following questions:
- How much money will my family need immediately to cover funeral costs and any outstanding debts?
- How much money will my family need to continue their current lifestyle as well as pay current monthly expenses, such as a mortgage, and any future expenses, such as higher education?
Types of life insurance
- Term life insurance: A term life insurance policy typically is the most popular and affordable type of life insurance, providing policyholders with the option to pay a guaranteed premium in return for life insurance coverage over a specific period. Term life insurance is a way to cover temporary expenses for your beneficiaries – such as mortgages, childcare expenses, student loan debts, and more. Term life insurance premiums are paid for a set period and provide death benefits should you pass away during the term of the policy. If death occurs, your named beneficiary receives the policy’s death benefit.
- Final expense life insurance: Sometimes called burial insurance, this helps cover end-of-life expenses including funeral expenses and may cover remaining medical or legal expenses or outstanding debts. The coverage can help provide peace of mind that your loved ones are not burdened financially since the average funeral can cost upward of $10,000.
- Whole life insurance: A type of permanent life insurance, meaning the policy provides coverage throughout your entire life. Whole life insurance usually includes a savings component (known as cash value) that grows at a guaranteed rate over time, and your premium is locked in for life as long as you continue paying the premiums.
How much does life insurance cost?
Life insurance can be more affordable than you may think.
Generally, the younger and healthier you are, the less expensive your life insurance may be, starting at as little as $15 per month through Elephant’s life insurance partner, Fidelity Life Association. Term life insurance coverage amounts begin at $50,000 and go up to $5 million or more through Fidelity Life Association’s sister company, eFinancial.
Permanent life policies generally cost more than term life policies. And the longer a term policy lasts, the more you’ll typically pay.
How do I purchase life insurance?
You can apply online today from the comfort of your home without scheduling an appointment with a medical professional, for coverage up to $500,000. Just answer a few health and lifestyle questions to help determine eligibility. Return to the top of the page and enter your ZIP code to start a life insurance quote with our partner Fidelity Life.
Why does Elephant partner with Fidelity Life and eFinancial?
Consumers are looking for a simple, trustworthy source to serve their life insurance needs. At Elephant, we are proud to partner with Fidelity Life and eFinancial to open options for customers seeking life insurance. Together, Fidelity Life and eFinancial enable you to:
- Shop and buy fully online, over the phone, or a combination of both
- Speak with a knowledgeable, licensed agent who can provide expert advice and guidance
- Choose from a variety of options to meet your unique needs and budget
When you purchase another policy in addition to your Elephant auto policy, you may qualify for a bundling discount. Some additional insurance options we offer in addition to life insurance include:
- Umbrella insurance
- Homeowners insurance
- Motorcycle insurance
Common questions about life insurance
+What age should you buy life insurance?
Generally, your life insurance will be less expensive the younger you are, but you can find life insurance that fits your financial needs at almost any age. Regardless of age, you should consider buying life insurance if you have family members or loved ones who rely on your ability to earn an income for their financial support.
+What does life insurance cover?
People you designate as your beneficiaries, can typically use the death benefit for any expenses they have, or any purpose they wish. Funds are often used to pay for funeral services, tuition, mortgage payments, and other everyday expenses that would be a burden if your income is lost. Others use their life insurance to leave an inheritance for their children and to settle any debt their estate holds once they pass away.
+Do I need life insurance if I already have a policy through my employer?
Many companies offer basic group life insurance to their employees, but it may not be enough to fully cover your family’s needs. Also, you may lose your group policy if you leave your company. Individual life insurance, like the type we offer through Fidelity Life and eFinancial, is not tied to your employment, which means your coverage is not at risk should you change jobs.
+Are medical exams required to purchase life insurance?
Insurers sometimes require applicants to complete a medical exam when buying a traditional life insurance policy. The exam allows them to evaluate your physical health and medical history to determine the risk of issuing a life insurance policy to you. However, there are some types of life insurance that don’t require a medical exam, called simplified or guaranteed issue life insurance. These may be a good option if you have health conditions that make you ineligible for traditional life insurance.
eFinancial works with highly rated life insurance companies to help bring you competitive rates and a variety of affordable life insurance options, such as RAPIDecision® Life — giving you the option to purchase life insurance with no exam.
Still have questions about life insurance? We know that life insurance can be complicated. For more information, be sure to check out our blog post, Breaking down life insurance.
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Invitations for application for life insurance on this site are made through Efinancial, LLC, a life insurance agency, or through its designated agent, Michael Bowcock, only where licensed and appointed. License numbers are available upon request and are automatically provided where required by law. Michael Bowcock is a licensed life insurance agent in all 50 states, including the District of Columbia, and his resident state of Illinois. Michael Bowcock’s Illinois license number is 11736943; in California, 0G99555; in Louisiana, 589562; in Minnesota, 40333060; in Utah, 445133; in Massachusetts, 1884080; and in Texas, 1617308. Efinancial, LLC’s California license number (d/b/a Efinancial Term Insurance Services) is 0F37537; in Louisiana, 323680 and in Utah, 104501.
Insurers: American General Life and Accident Insurance Company, Nashville, TN; Banner Life Insurance Company, Frederick, MD, and William Penn Life Insurance Company, Garden City, NY, both Legal & General America companies; Fidelity Life Association, A Legal Reserve Life Insurance Company, Chicago, IL; North American Company, Sioux Falls, SD; Protective Life and Annuity, Birmingham, AL; Pruco Life Insurance Company, Newark, NJ and Pruco Life Insurance Company of New Jersey, Newark, NJ, member companies of Prudential Financial, Inc., Newark, NJ; Transamerica Financial Life Insurance Company, Harrison, NY, and Transamerica Life Insurance Company, Cedar Rapids, IA, both AEGON companies.