Will.com / Life insurance
Complete the picture
Your estate plan says who gets what.
Life insurance makes sure it’s enough.
A will and trust distribute what you own. Life insurance creates something to distribute. If people depend on your income, you need both.
What an estate plan doesn’t do
Your estate plan distributes what you own: your house, savings, car, belongings. But it can’t replace your income or pay off your mortgage.
If you have young children, a spouse who doesn’t work, or significant debt, the gap between what you own and what your family needs is what life insurance is for.
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Where to compare quotes
Policygenius
Compare quotes from multiple insurers in minutes. Independent marketplace, they don't favor one carrier over another. Good for most people.
Compare quotes on Policygenius →Ladder
Apply fully online in minutes, no medical exam required for most applicants. Flexible coverage you can adjust as your needs change.
Get a quote from Ladder →Ethos
No medical exam required for most applicants. Instant decisions on term and whole life policies. Good option if you want a quick, fully online application.
Get a quote from Ethos →Coverage
How much coverage do you need?
10× income rule
A common starting point: multiply your annual income by 10. This replaces your earning power for roughly a decade.
DIME method
Debt + Income + Mortgage + Education. Add up what your family would need to cover each. That's your coverage target.
Replace specific needs
More precise: calculate your mortgage payoff, years of childcare, college costs, and final expenses. Sum them up.
Most financial planners recommend 20-year term life for families with young children. It covers the years your kids depend on you financially, and it’s significantly cheaper than whole or universal life.
Comparison
Term life vs. whole life
Term life
- ✓ Covers a specific period (10, 20, 30 years)
- ✓ Much lower premiums
- ✓ Right for most families
- ✗ No cash value
Whole / permanent life
- ✓ Covers you for life
- ✓ Builds cash value over time
- ✗ 5–15× higher premiums
- ✗ Complex; often oversold
Important: update your beneficiary designations
Life insurance pays directly to whoever is named on the policy, completely bypassing your will. Make sure your beneficiary designations are current and match your intentions. An ex-spouse or deceased parent named on an old policy can override everything in your will.
Beneficiary designation guide →Haven’t made your estate plan yet?
An estate plan and life insurance work together. Start with the estate plan. It’s free on Will.com.
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