Life Insurance Coverage Overview.

Policy coverage levels are usually between $25,000 and $250,000.

The amount of life insurance coverage you should get largely depends on your situation. You should consider how much your family will need to maintain their current lifestyle and accomplish their future financial goals. Will your children have money to pay for their college education? Will your spouse be able to continue covering your mortgage?

Even if you don't have a family yet – you should still plan for the future, especially if you are taking advantage of lower premiums while you are young and healthy. If your term life insurance policy covers you for 20 years, is it possible you might have a spouse, children, aging parents, or other dependents that could come to rely on you? Don’t make them miss out on the benefits of life insurance.

Life insurance typically covers the death of the insured – if they pass away from an illness or natural cause. Death by accident is not always covered in a policy, in which case you should also opt for accidental death insurance.

Life insurance does not cover death resulting from or contributed to by:

  • War or any act of war
  • Injury while in the military service
  • Suicide or attempt at suicide
  • Bodily or mental infirmity, illness, or disease
  • Medical or surgical treatment
  • Committing or attempting to commit an assault or a felony, or engaging in an illegal occupation
  • Intoxication as evidenced by a blood alcohol content at or above the presumptive level of intoxication set by the law of the state in which injury occurs
  • Voluntary use of narcotics or drugs (except as prescribed by a physician)
  • Operating, riding, or descending from any vehicle or device for aerial flight if the insured was (1) a pilot, officer, or member of the crew, or had any duties on such aircraft; or (2) giving or receiving any kind of training or instruction; or (3) aboard for the purpose of descending from such aircraft while in flight

Life insurance for the self-employed

When you work for yourself – go Woligo.