Who it's for
- Parents and anyone with people who depend on their income
- Homeowners who want to help their family keep up with a mortgage
- Couples planning for each other's financial security
- People who want to help cover final expenses
How it works
You choose a coverage amount (the death benefit) and name your beneficiaries. You pay premiums, and if you pass away while the policy is in force, the insurer pays the benefit to your beneficiaries, who can use it however they need.
What it covers
A life insurance policy pays a benefit to the beneficiaries you choose. Families often use it to help with:
- Replacing lost income
- Mortgage or rent and everyday living costs
- Debts and final expenses
- Future costs like a child's education
Term, Whole, and Universal Life Insurance
The three most common types of life insurance work very differently. Here's a plain-English look at each.
Term Life Insurance
What it is: Coverage for a set period, such as 10, 20, or 30 years.
Coverage & premiums: Ends when the term ends unless renewed or converted. Premiums are typically level for the term and usually the lowest of the three.
Cash value: None.
Often a fit for: Families and homeowners who want a larger amount of coverage on a budget.
Learn about term lifeWhole Life Insurance
What it is: Permanent coverage designed to last your lifetime, as long as premiums are paid.
Coverage & premiums: Lifetime coverage. Premiums are typically fixed and usually higher than term.
Cash value: Builds over time on a tax-deferred basis.
Often a fit for: People who want lifelong coverage and predictable premiums.
Learn about whole lifeUniversal Life Insurance
What it is: Permanent coverage with flexible premiums and an adjustable death benefit.
Coverage & premiums: Can last your lifetime if adequately funded. Underfunding can cause a lapse.
Cash value: Grows based on interest credited by the insurer, which can change.
Often a fit for: People who want permanent coverage with more flexibility.
Learn about universal lifeQuick comparison
| Term Life | Whole Life | Universal Life | |
|---|---|---|---|
| How long it lasts | A set term (e.g., 10, 20, or 30 years) | Your lifetime, as long as premiums are paid | Your lifetime, if the policy stays adequately funded |
| Premiums | Usually lowest; level for the term | Usually higher; typically fixed | Flexible, within policy limits |
| Cash value | No | Yes, builds over time | Yes, based on credited interest |
| Death benefit | Set amount | Set amount | May be adjustable |
| Typical goal | Protection during working and child-raising years | Lifelong protection and planning | Lifelong protection with flexibility |
Premiums, benefits, and features vary by policy, carrier, and state, and depend on factors like age, health, and coverage amount. Policy loans accrue interest. This is general information, not tax or financial advice.
Not sure which is right for you?
Hollen can walk through your goals and compare term, whole, and universal life options with you.
What affects the cost
Prices aren't one-size-fits-all. These factors usually make the biggest difference:
- Your age when you buy
- Your health and medical history
- Tobacco use
- The coverage amount and policy type
- Term length, for term policies
Premiums generally rise the longer you wait, so it often costs less to lock in coverage earlier.
When to buy
Life insurance isn't tied to Open Enrollment. You can apply any time of year, and coverage starts once the carrier approves the application and the policy is issued.
Key things to know
Final expense coverage
Smaller permanent policies intended to help with funeral and end-of-life costs.
Health and age affect pricing
Premiums are generally based on factors like age, health, and coverage amount. Some policies require a medical exam and others don't.
Review your beneficiaries
Keep your beneficiary designations current after life events like marriage, divorce, or a new child.
Common mistakes to avoid
- Relying only on job-based coverage that may end when you leave
- Buying a policy you don't fully understand
- Forgetting to update beneficiaries after a life change
How Hollen helps
Hollen explains each policy in plain English, including how cash value, fees, and market-linked crediting really work, so you know exactly what you're buying.
Frequently asked questions
How much life insurance do I need?
It depends on your income, debts, and goals for your family. Hollen can walk through a simple needs review with you.
Is life insurance through work enough?
Job-based coverage can be helpful, but it may be limited and may not follow you if you leave the job.
Do I need a medical exam?
Not always. Some policies are available without an exam, while others use one to set pricing.
Can I have more than one life insurance policy?
Yes. Many people combine policies, such as a term policy for working years and a smaller permanent policy for final expenses.
Related coverage
Family Health Insurance Plans · Individual / Private Health Insurance · Self-Employed Health Insurance Plans
Hollen is licensed in 14 states. See coverage details for South Carolina, North Carolina, Georgia, Texas, Florida, or all licensed states.
Ready to compare Life Insurance options?
Get a free quote or book a time to talk it through with Hollen. “I work for you, not the insurance companies.”
This page is general educational information, not a guarantee of coverage, eligibility, or cost. Benefits, availability, and rules vary by plan, carrier, and state. Contact Hollen for details on specific plans.