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Life Insurance

The ability to provide financial security for your family is important for everyone especially in uncertain times. We can help ensure your loved ones are protected through life insurance and assist with navigating all of the product options available to you. Whether you need a little or a lot, Western & Southern can offer solutions tailored to your unique goals.

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What Is Life Insurance?

Life insurance is a contract between you and your insurance company. You pay level premiums, and in return your beneficiary is guaranteed to receive a lump sum of money, or death benefit, after your death. Money from the policy can provide financial security for your loved ones and can help pay for things, like final expenses, and replace your income.

What Does Life Insurance Cover?

In short, it covers you. After you pass away, your beneficiary — the person you designate to receive the money from your policy — will receive the death benefit payment from the insurance company. Your beneficiary can use the death benefit to cover a variety of expenses, including:

Final Expenses

Expenses to be paid after your death, including funeral, cemetery and burial costs

Mortgage Payments

Monthly bank payments to pay off the remaining loan on your home

Education Expenses

Tuition and educational costs for private schools/college for your children


Payments for car loans, personal loans and credit card bills

Medical Bills

Health care expenses for hospitals, doctors, surgeries and procedures 


Everyday living expenses like gas, groceries and utilities

What Are The Different Types of Life Insurance?

There are several types of life insurance with different arrangements for how long they last, their cost and their benefits. Three of the most common types available are whole life, term life and universal life.

Whole Life Insurance

Whole life insurance is a type of permanent life insurance and does not have a set expiration date. Your coverage can continue for your entire life. The premiums on whole life are generally higher than on term life, but they do not increase as you get older. Some whole life policies also may build cash value.

Universal Life Insurance

Universal life insurance is another form of permanent life insurance coverage and can potentially last your entire life. With these policies, you have the flexibility to change your premium1 each year, paying less some years and more in others. Universal life also has a cash value component.

Term Life Insurance

Term life insurance is temporary life insurance that is typically less expensive than other types of coverage. It lasts for a set amount of time, such as a five-year term or 30-year term. If you die during the term, your beneficiary will receive the death benefit. If you outlive the term, the coverage will expire.
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Compare Types of Life Insurance

Insurance and financial products aren't always one-size-fits-all solutions. Western & Southern offers you a variety of options to help protect each different stage of your life.

Benefits Whole Life Universal Life Term Life
Guaranteed Lifetime Coverage Coverage that lasts throughout your entire life
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Instant Online Quotes Preliminary instant quotes available to access your potential premium payouts and coverage if you qualify
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May Build Cash Value Cash that grows tax-deferred and may be used during your lifetime
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Fixed Premiums Same amount owed every time a payment is due
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Flexible Premiums Adjustable premium and death benefit amounts when your needs change
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May Earn Dividends Potential income from company profits at recurring times throughout the year
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  Whole Life Universal Life Term Life

Why Do I Need Life Insurance?

If you have loved ones who are financially dependent on you, you probably need life insurance protection. Marriage, parenthood, home ownership and retirement are important milestones for evaluating your need for insurance.

54% of Americans2 have some form of life insurance. The top three reasons for having a policy are to:

cover burial expenses
Cover burial and final expenses
replace lost income

Replace lost income when a loved one dies

leave inheritance to family
Leave an inheritance to family members

Who Needs Life Insurance Coverage?

The following types of people often benefit most frequently from having life insurance coverage. However, you may want to purchase life insurance for other reasons — like leaving money to your favorite charity by naming them as your beneficiary.

Spouse/Partner or a Parent

If you have a spouse, children and/or parents who rely on your income, they may face financial hardships if you were to pass away unexpectedly.


A mortgage generally is one of the largest debts you will have. A life insurance policy can help pay off these debts so your beneficiary won't have to.


Consider leaving a legacy through wealth transfer. You may want to name your grandchild or child as your beneficiary to help pay for college.

Business Owner

If you own a business that depends on you, having life insurance can not only protect your family but also your employees, partners and the business itself.

Need Some Help?

We're here to help you find the life insurance products that best fit your needs.

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How to Choose Life Insurance

  1. Review your life insurance options to understand what's available.
  2. Assess your finances and short-term and long-term goals.
  3. Determine the amount of coverage you need.
  4. Get life insurance quotes to explore various costs and features.
  5. Consider working with a Financial Representative for guidance.

Master the Basics of Life Insurance

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How Much Life Insurance Do I Need?

The amount of life insurance you need is related to how many dependents you have and how much financial support they would need, your debt, and your current income. Use our Life Insurance Calculator to estimate how much coverage you need.

Why Choose Western & Southern?

We have a heritage of providing life insurance for over 130 years. Our financial ratings from the major rating agencies are indicators of our financial strength, offering you stability you can count on. As one of the strongest life insurance groups, we know how to help protect your future.
established 1888

Financial Strength

96 comdex ranking

Financial Ratings

Longevity & Stability

How Much Does Life Insurance Cost?

The cost depends on a number of factors, including the type of policy and term length, coverage amount, as well as details about your age and overall health. The only way to know for sure how much your insurance policy will cost is by applying for a life insurance quote. It's free to apply, and then you can decide whether or not you accept the insurance.

According to the 2019 Insurance Barometer Study by Life Happens and LIMRA, many people estimate the cost of life insurance coverage to be more than three times its actual cost.

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Factors that Affect the Cost of Life Insurance

Several major factors determine the cost of life insurance, including:

  1. Death benefit amount
  2. Type of policy
  3. Your age
  4. Your gender
  5. Your health
  6. Tobacco use
  7. Lifestyle & occupation

How to Buy Life Insurance

Step 1: Get a Quote on Life Insurance

After assessing your insurance needs, choose the life insurance policy that’s right for you and get a quote on how much it will cost.

Step 2: Begin the Application Process

The application will ask for some basic information, such as your age, weight, whether you use tobacco and the amount of insurance you'd like to buy.

Step 3: Submit Your Application

You will need to submit payment of your first premium along with your application, which puts the policy in force immediately.

Step 4: Get Your Health Exam

An in-person medical exam will assess your health. As part of the process, you may need to go through medical underwriting.

Step 5: Accept Your New Policy

You'll be given an offer showing how much coverage you qualified for and at what price. If you are happy with the offer, you can accept it.

Why Life Insurance Is Important

Life insurance can play an essential role in your overall financial plan. A policy can help protect your loved ones by providing greater financial stability for their future. It can offer you more peace of mind knowing your loved ones will have financial support when you are no longer there to provide for them.
Request a Life Insurance Quote

Frequently Asked Questions

Can I afford life insurance?

A better question to consider may be: Can you afford not to have coverage? The cost of life insurance depends on a number of factors, starting with the type of policy and coverage amount you choose. 

Are all life insurance companies the same?

No. Many people choose a life insurance company on price. The company that offers coverage at the cheapest cost, may not be your best choice in the long run. There are a number of other important factors that you want to consider, including the company’s longevity, financial strength, and stability.

What is a beneficiary, and who can you name as beneficiaries?

A beneficiary is the person or entity you select to receive the death benefit from your policy when you die. A beneficiary can be any adult person, your favorite charity, a nonprofit organization, business or other entity. You also may establish a trust for your young children and name the trust as a beneficiary.

Does your employer’s life insurance provide you enough coverage?

Probably not. The majority of employer-sponsored life insurance policies are only in force while you are employed. When you leave your job, this coverage usually ends. In addition, your coverage is often limited to the amount of one year’s salary, which may not be enough to cover all of your family’s expenses when you die. 

How many life insurance policies can you have?

There is no limit to the total number of policies you can have, but you don’t want to pay for excessive coverage, either. Having multiple policies — especially a whole or universal life policy that builds cash value to access while you are alive — could help make up for any cash shortfall if you become ill.

How does life insurance pay out death benefits?

When you purchase life insurance, you choose a beneficiary, the person or entity that would receive the death benefit if you passed away while the policy is in force. When you die, the beneficiary would then fill out a claim form for the insurer and submit a copy of your death certificate. After reviewing the claim, the insurance company would pay the death benefit to your beneficiary — provided that you didn't die of an excluded cause.

When is the best time to buy life insurance?

The best time to buy life insurance depends on your particular life situation but often occurs when you experience a major life event like getting married, buying your first home or having a baby. Increased financial responsibilities usually accompany these significant life milestones, heightening the need for you to think about how to provide your loved ones with greater financial security in the future.


There must be enough cash value in the policy to cover monthly charges if a lower premium is paid than the amount selected at issue or if a premium payment is skipped. Additional premium payments may need to be made to keep the policy in force. 
2 "2020 Insurance Barometer Study," Life Happens and LIMRA, 2020.