It's more than insurance. It's a promise to your family.
Whether it’s replacing income, funding a child’s education or covering everyday expenses, life insurance can help ensure financial stability and peace of mind after you’re gone. With affordable premiums and flexible options, Equitable should be your choice for life insurance coverage.
Learn how life insurance from Equitable Financial can be a crucial part of financial planning. Watch the video
How life insurance works
The right life insurance coverage can help protect your loved ones and help provide financial stability when they need it most. It pays a lump-sum benefit if you should pass away. The benefit will go to your beneficiaries, who are the ones you selected to receive payments from your insurance plan. This benefit does not accumulate any cash value and it does not cover you for life. Check with your benefits representative for your company’s specific plan details. Here’s how it can help:
Income replacement
To help your family maintain their standard of living.
Mortgage payoff
To relieve your family of the burden of mortgage payments.
Education funding
To ensure your children's educational aspirations are met.
Everyday expenses
To cover daily living costs and unexpected bills.Life insurance provides a crucial safety net for your family
More than one-third of households would feel the financial impact in less than 6 months if the primary wage earner died.1
Sixty million American households are uninsured and underinsured, with an average coverage gap of $200,000.2
Frequently asked questions about life insurance
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Why should I buy life insurance?
People buy life insurance to help protect their loved ones from financial hardship if they were to pass away. That’s because life insurance pays out a lump-sum of money to your beneficiaries (the people you designate to receive your insurance benefit) when you pass away. They can use that money to:
- Replace lost income
- Pay for final expenses, debts or estate taxes
- Cover day-to-day living expenses
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What types of life insurance can I get through work?Many employers offer term policies. They are often affordable and pay a lump-sum benefit.
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What are the advantages of purchasing life insurance through work?
Purchasing life insurance through your employer is often easier and more affordable than purchasing it on your own. For example:
- You’ll pay group rates, which may be less than individual rates
- Through an employer, life insurance is typically guaranteed issue, which means that you can get a certain amount of coverage without having to answer a lot of health questions or take a medical exam
- Your premiums will be conveniently deducted from your paycheck
You’ll know that the plan was reviewed and selected by your employer, so you don’t have to do the research yourself.
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What types of life insurance can I get through work?Many employers offer term policies. They are often affordable and pay a lump-sum benefit.
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What are the advantages of purchasing life insurance through work?
Purchasing life insurance through your employer is often easier and more affordable than purchasing it on your own. For example:
- You’ll pay group rates, which may be less than individual rates
- Through an employer, life insurance is typically guaranteed issue, which means that you can get a certain amount of coverage without having to answer a lot of health questions or take a medical exam
- Your premiums will be conveniently deducted from your paycheck
You’ll know that the plan was reviewed and selected by your employer, so you don’t have to do the research yourself.
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How much life insurance do I need?Life insurance is a contract between you and an insurance company. You pay premiums, and in return, the company pays a benefit to your beneficiaries if you pass away.
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How much does life insurance cost?Life insurance may not cost as much as you think. Especially if you purchase it through your employer. Often employers will pay the full cost of the Basic Term Life premiums for you, as an employee benefit. Employers may also offer additional voluntary coverage, which is paid for by the employee.
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How much does life insurance cost?
Life insurance may not cost as much as you think. Especially if you purchase it through your employer. Often employers will pay the full cost of the Basic Term Life premiums for you, as an employee benefit. Employers may also offer additional voluntary coverage, which is paid for by the employee.
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What if I already have life insurance coverage?
You can have more than one policy, if you need it. 48% of U.S. households have a life insurance coverage gap of $200,000.1 It’s important to review your situation and your policies every year or so, to make sure nothing in your life has changed. For example, you might need to adjust your coverage if you recently:
- Got married or divorced
- Had a child or have children or grandchildren about to enter college
- Bought a new home
- Started providing care or financial assistance for a parent
1 Life Insurance Ownership in Focus: U.S. Household Trends 2016 LIMRA Ownership Study.
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Why is the insurance company behind the policy important?
Since life insurance is a long-term purchase, you’ll want to make sure that the company that will provide the benefit is strong, stable and reliable. They should be financially secure, have a good claims-paying history, good customer service and competitive pricing.
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Are there instances where my life insurance policy will not pay out if I pass away?Most term life insurance policies are simple and straightforward and will pay the benefit quickly if you pass away so long as the premiums are paid up to date. Some plans have exclusions for circumstances such as a suicide. See your plan’s specific details and exclusions.
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Who gets the money from my policy?Whoever you designate as your beneficiary or beneficiaries will receive the benefit payment(s) if you should pass away.
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Why should I name a beneficiary?Because that is the best way to make sure your life insurance benefit goes to the person you want it to go to.
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Are there instances where my life insurance policy will not pay out if I pass away?Most term life insurance policies are simple and straightforward and will pay the benefit quickly if you pass away so long as the premiums are paid up to date. Some plans have exclusions for circumstances such as a suicide. See your plan’s specific details and exclusions.
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Who gets the money from my policy?Whoever you designate as your beneficiary or beneficiaries will receive the benefit payment(s) if you should pass away.
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Why should I name a beneficiary?Because that is the best way to make sure your life insurance benefit goes to the person you want it to go to.
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Who can I name as beneficiary on my policy?
You can name your spouse, a close relative, child(ren), an estate or trust as beneficiary to your policy.
- If you name a minor child, a custodian agreement or trust should be in place to ensure that all the proceeds can be paid promptly.
- A trust can be named beneficiary in order to protect minor children, but there may be tax consequences, so make sure you talk to your financial professional.
- If you name your estate, keep in mind that the life insurance proceeds cannot be released until the estate has gone through probate.
Take the next step toward staying protected
- Speak to human resources at your company to determine what benefits are available to you.
- Learn how life insurance from Equitable can be a crucial part of financial planning.
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Visit customer service to get in touch with us.
1 Insurance Barometer Study, Life Happens and LIMRA. 2022.
2 LIMRA. August 2022.Industry Associations Unite to Help Address the Life Insurance Coverage Gap in the United States.Equitable is the brand name of the retirement and protection subsidiaries of Equitable Holdings, Inc., including Equitable Financial Life Insurance Company (Equitable Financial) (NY, NY); Equitable Financial Life Insurance Company of America (Equitable America), an AZ stock company with an administrative office located in Charlotte, NC; and Equitable Distributors, LLC. Equitable Advisors is the brand name of Equitable Advisors, LLC (member FINRA, SIPC) (Equitable Financial Advisors in MI & TN). The obligations of Equitable Financial and Equitable America are backed solely by their claims-paying abilities.
The policy has limitations and exclusions. Optional riders and/or features may incur additional costs. Plan documents are the final arbiter of coverage. Please read your certificate carefully for complete details regarding your benefits, reductions, limitations and exclusions. Policy form/contract ICC18 MOEBPLI; ICC18 AXEBPLI; MOEBP0618 LI; AXEBP0618 LI; and state variations.
All group insurance products are issued either by Equitable Financial Life Insurance Company or Equitable Financial Life Insurance Company of America, which have sole responsibility for their insurance and claims-paying obligations. Some products are not available in all states.