Life Insurance

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Life Insurance with Elephant

We all want to protect our loved ones, and one of the best ways you can do this is with a life insurance policy. Life insurance can help provide your dependents with financial stability if something were to happen to you.

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 by protecting the future with a life insurance policy. Through our quick and simple process, Elephant can provide the peace of mind of knowing your loved ones are taken care of, should the unexpected happen.

Term life insurance basics

A term life insurance policy is the most affordable type of life insurance, providing policyholders with the option to pay a guaranteed premium in return for life insurance coverage over a specific time period.

Term life insurance is a way to cover temporary expenses for your beneficiaries – such as mortgages, child care expenses, student loan debts, and more. Term life insurance premiums are paid for a set period of time and provide death benefits should something happen to you during the term of the policy. If death occurs, your named beneficiary receives the death benefit set in the life insurance policy.

Determining your coverage amount

Your salary is the most common factor used in determining your life insurance needs, with experts suggesting buying a policy that is 10-20 times your annual salary. However, your salary 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 protect your family should you no longer be around.

To help you determine how much your family will need, answer the following questions:

  • How much money will my family need immediately for funeral costs and any outstanding debts?
  • How much money will my family need to continue living the lifestyle they are accustomed to, as well as pay current monthly expenses, such as the mortgage, and any future expenses?

What to consider when shopping

When shopping for life insurance it is important to carefully compare potential policies. It is recommended to keep the following factors in mind:

  • Price
  • The insurance company’s financial strength
  • Guarantee periods
  • Available riders
  • Convertibility

Bundle and save with Elephant

With Elephant, you can easily get a life insurance quote that fits your needs. Additionally, auto insurance customers receive a discount for bundling a life insurance policy, making it even more affordable to buy through Elephant.

Still have questions?

We know that life insurance can be complicated. For more information, be sure to check out our blog post, Breaking Down Life Insurance, and please reach out to us if you have any questions!