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Term Life Insurance 101

Learn More About The Application Process And Explore Some FAQs

Buying life insurance is a big decision, with a big impact on your future. But don’t let that scare you!

Many women feel like they don’t know enough about how life insurance works, or that they’re too young to start thinking about it. It’s never too early to start taking steps to protect your loved ones and help to provide for their futures if you were gone.

At Our Life CoveredSM, we want to make shopping for life insurance easy for all women. We know you might have some questions, so our term life insurance experts have you covered. We've put together some life insurance basics that you should know before you buy.

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The Life Insurance Process

To secure the best life insurance policy for your family’s future, you need to better understand how life insurance works and the process for buying a policy.


Get Quotes

After completing a few simple questions about yourself, you will receive personalized quotes from multiple carriers. You can choose from among these options for the solution that best meets your life insurance coverage needs.


Fill Out An Application

As you go through the application journey, you’ll answer some questions about your health and have a basic medical exam to confirm what the cost of your coverage will be. You’ll also identify your life insurance beneficiaries.


Receive Your Policy

After you're approved, all you have to do is accept! Your policy goes into effect after you make your first payment.

Term Life Insurance 101:
Some Frequently Asked Questions

The cost of life insurance is different for each person, depending on the person’s age and health, how much coverage she needs and any potential risk factors. The best way to get an estimate of the cost is to compare quotes now.

Your application involves a simple three-step process: you receive a quote; fill out and sign an application, either online or over the phone; then your application is submitted to the life insurance company for approval. (Check out the section above to learn more.)

Many experts recommend securing a life insurance policy that covers eight to ten times your annual income to safeguard your dependents for their future needs. Whether you work in or out of the home, you still want to get enough coverage to help your family should something happen to you.

Term life insurance provides coverage for a fixed number of years, while whole life insurance provides coverage for someone’s entire life. Term life insurance policies often cover 10, 20 or 30 years.

The premiums for term life insurance are usually much lower than those for whole life. A term life insurance policy is designed to protect your family if you were to pass away within the time frame that the policy is in force. It is an affordable option for women who want to ensure their children, spouse or aging parents are better protected financially, should you not be there to take care of them yourself.

Not necessarily. You might be surprised by some of the low rates. Many people tend to overestimate the cost of life insurance, sometimes thinking it costs as much as three to eight times as much as it actually does.

You should definitely consider it. In fact, buying a life insurance policy while you’re young has a number of benefits. First, you protect your family’s future if the unexpected happens. In addition, you usually have a lower premium. Since your age and health factor into the cost of most life insurance policies, the younger you are when you buy life insurance, the lower the cost will be, typically. And the cost of your premium is locked in for the length of the policy – up to 30 years for a term policy.

You should absolutely consider it. Even if you don’t have kids, you still want to provide for your family when you’re gone. For single women, life insurance policies can help cover funeral expenses; debt; and care for your parents, nieces and nephews or other loved ones. Even if you’re single with no children, you still want to leave a positive financial legacy.

It is advisable. Most women believe if their income is lower or if they are stay-at-home moms, they don’t need to be insured. This is not always true. Think about all the responsibilities you carry. If you were gone, your partner would likely need services, such as child care, to help keep your family running. A life insurance policy could allow your spouse to take some needed time off work to adjust to the loss.

Not usually. Many employers provide group life insurance coverage to employees. While this may provide a healthy baseline, it may not be enough to help support your family if you were gone. Also, these policies usually don’t go with you if you leave that employer.

It’s up to you! To make the life insurance process as easy as possible, we enable you to buy a life insurance policy online, directly through the life insurance company. If you’d rather talk to an agent, don’t worry. We offer that option, too.

Our Life CoveredSM partners with Transamerica Life Insurance Company for online purchases, and we partner with a call center that works with a variety of insurance companies. Either way, you get the best rate for the coverage you need.

Since you can’t predict the future, you can’t always depend on your savings or investments as you can on a life insurance policy. If something happened to you while you were young, you probably wouldn’t have saved enough to provide for your family in the way you would want to.

Maybe: It depends on the amount of coverage selected. Other key factors, such as occupation, habits (such as smoking and drinking) and driving record, give the insurance company a window into your health and potential risk factors. This information helps them set your premium.

Usually not, though there are exceptions for small business owners or women who are self-employed. You may want to check with the insurance company or your tax adviser if you have any questions.

Have you met our corporate partner BFF?

OUR LIFE COVEREDSM has partnered with Life Happens, a non profit organization that is just as dedicated as we are to educating people about the importance of protecting themselves and their families with the coverage they need.

Lend a hand to someone left hanging.

OUR LIFE COVEREDSM is proud to support the Life Lessons Scholarship Program, which assists young people seeking a college education who are struggling financially because their parent died, leaving little or no life insurance. Please join us and make a donation today.

Get An Online Quote In Minutes

A little now goes a long way in the future. With insurance coverage as low as $25 a month, you don’t have to worry about what happens if you’re gone.

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Individual cases may vary due to dependencies on specific underwriting criteria in the application process.