Top Life Insurance Companies That Cover Everything (2022)
If you're looking for life insurance companies that cover everything, you likely won't have any trouble finding a variety of insurers. First, however, you should understand what kind of coverage you need to get the right quotes for life insurance that covers everything. Life insurance quotes can be around $89 a month for a whole life policy if you start young and healthy.
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UPDATED: Jan 18, 2022
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- Most insurance companies have some limitations on coverage
- You can get term or whole life insurance depending on your needs
- Some life insurance policies offer riders to get additional coverage
If you’re looking for life insurance companies that cover everything, you likely need a comprehensive whole life insurance policy with all the additional coverage. But how much does life insurance cost, and does it cover everything?
Most life insurance policies have some exclusions and limitations. We’ll help you to understand what they are. We’ll also help you find the life insurance company with the best coverage for your needs.
While you’re looking for rates for life insurance companies that cover everything, enter your ZIP code into our free quote tool to see what you could pay for comprehensive coverage.
What life insurance companies cover everything?
When you’re trying to find a life insurance company that covers everything, you need to start by deciding what type of policy you need. Not all companies will offer the same type of coverage, so knowing what you need before you shop narrows your search.
If you want coverage for everything, you should consider getting a permanent life insurance policy with additional riders for illness and accidents.
Rates for whole life insurance will traditionally be more than term life, but there are also added benefits like lifelong coverage and a cash account. Below are some examples of monthly whole life insurance rates based on a couple of factors, including age and smoking status.
State Farm Whole Life Insurance Rates by Age, Death Benefit, and Health
Policyholder's Age Non-Smoker Monthly Whole Life Insurance Rates with $100K Coverage Non-Smoker Monthly Whole Life Insurance Rates with $250K Coverage Non-Smoker Monthly Whole Life Insurance Rates with $500K Coverage Smoker Monthly Whole Life Insurance Rates with $100K Coverage Smoker Monthly Whole Life Insurance Rates with $250K Coverage Smoker Monthly Whole Life Insurance Rates with $500K Coverage
25 $89 $214 $422 $111 $269 $532
30 $103 $247 $488 $129 $313 $619
35 $121 $292 $579 $152 $370 $733
40 $143 $348 $691 $179 $438 $870
45 $173 $425 $843 $215 $529 $1,051
50 $213 $524 $1,042 $265 $652 $1,299
55 $269 $663 $1,321 $335 $829 $1,651
60 $355 $879 $1,753 $428 $1,061 $2,116
65 $475 $1,178 $2,350 $543 $1,348 $2,689
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Costs will increase if you add riders. As you can see, it’s best to start your policy while you’re young and healthy when rates are still around $100.
What determines the cost of life insurance that covers everything?
The cost of your life insurance policy will depend on the level of risk you pose for the insurer.. The insurer decides this through a process called underwriting.
During underwriting, your life insurance company will look at factors in your life, such as:
- Health history
- Hobbies/Tobacco use
Your insurer may ask that you fill out a questionnaire or go to a medical exam. It’s best to be honest because failure to disclose a condition that affects life expectancy can mean a denied claim.
The type of coverage you get will also have a significant effect on the cost of your policy due to the additional risk the insurer takes on.
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Which policy type is right for me?
Deciding which policy type you need will likely depend on your individual needs, such as any current expenses or issues that may arise in the future.
According to the Insurance Information Institute, the two principal types of life insurance are permanent and term policies. These policy types can be further divided into many variations that offer customized coverage.
What is whole life insurance?
Permanent, or whole life insurance, lasts from the day you sign up until you die as long as you continue to pay your premiums. This ensures coverage for your entire life.
Some examples of the subtypes that exist within whole life insurance include:
- Traditional Whole – Provides an equal premium for a pre-agreed death benefit when you die; plus, it can earn cash value from your premiums each month.
- Universal Life – This policy allows you to customize your death benefit, and in turn, your premiums to help you if your circumstances change.
- Variable Life – This insurance policy lets you invest a portion of your entire death benefit in various stocks, bonds, and mutual funds.
Many life insurance policies can also be further customized with riders, adding extra coverage and benefits.
What life insurance riders can you add?
If the whole life insurance isn’t enough, you can also add additional riders to your existing policy. With riders, you can get extra coverage for a variety of needs.
Some riders that can help you get life insurance that covers everything including:
- Accelerated death benefit rider – allows you to withdraw a portion of the death benefit to help with medical costs or income if you become seriously ill.
- Accident rider – With this rider, you get an additional payout when you’re injured as a result of an accident.
- Long-term care rider – If you need to stay in a facility or receive home care, this rider can help pay for it as well.
Other riders can also provide coverage over your children, get you a portion of your premiums back, or deliver the death benefit in an equal monthly amount as income.
How do I know if I need life insurance?
Whether or not you need life insurance will depend heavily on your situation. From there, you’ll need to consider the type of life insurance policy that best suits your situation.
For example, if you’re starting your journey as a new family, you may benefit from a term life insurance policy that provides extra coverage while your kids are young. Likewise, if you had a business that your loss would heavily impact at any time, a whole life insurance policy could help bridge the costs.
What can life insurance profits be used for?
Your loved one can use a life insurance death benefit for anything that the beneficiary needs, including:
- Medical bills
- Funeral costs
- Daily expenses
- College tuition
There are generally no rules regarding what the death benefit can be used to pay for. If you want to control what the funds can be spent on, consider a trust.
How much life insurance coverage do I need?
The amount of life insurance coverage you need will likely vary depending on many factors. There are life insurance calculators that can help.
Consider all of the things your family or other loved ones will need to pay for if you were to die today. Your life insurance needs will change over time, so review them regularly.
Life Insurance Companies That Offer Everything: The Bottom Line
If you need a comprehensive life insurance policy that covers everything, you can likely find something that fits you at many insurers across the country. First, you’ll have to find a policy that will last for your whole life. At that point, you can add your riders to get comprehensive coverage.
Do you need quotes for life insurance companies that cover everything? Then, enter your ZIP code into our free quote tool to get an idea of what you can pay for a comprehensive life insurance policy.