will.com / Life insurance
Your will names your heirs.
Life insurance takes care of them.
A will tells the world who gets your assets. Life insurance makes sure there’s something meaningful to leave. If people depend on your income, you need both.
What a will doesn’t do
Your will distributes what you own at death — 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.
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.
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 →Where to compare quotes
will.com may earn a referral fee if you purchase through these links — at no cost to you. We only list services we’d recommend regardless.
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 →Haven’t made your will yet?
A will and life insurance work together. Start with the will — it takes 10 minutes and it’s free.
Make my will — it’s free →