{"id":9482,"date":"2022-05-03T14:24:24","date_gmt":"2022-05-03T19:24:24","guid":{"rendered":"https:\/\/www.guaranteedrateinsurance.com\/?p=9482"},"modified":"2026-01-22T10:00:54","modified_gmt":"2026-01-22T16:00:54","slug":"voluntary-life-insurance","status":"publish","type":"post","link":"https:\/\/www.rate.com\/insurance\/resources\/voluntary-life-insurance\/","title":{"rendered":"What Is Voluntary Life Insurance?"},"content":{"rendered":"    <div class=\"entry-summary\">\n        <h2>Summary<\/h2>\n        <div class=\"entry-summary-content\">\n            <p>Life insurance is important, but there are many different options\u2014from the structure of the policy to when and how benefits are provided.<\/p>\n<ul>\n<li style=\"font-weight: 400\">Learn as much as you can about the different types of life insurance and think carefully about your family\u2019s needs now\u2014and how things might change in the future<\/li>\n<li style=\"font-weight: 400\">Understanding life insurance premiums, riders, and benefits are all part of ensuring that you have the right policy to protect your family<\/li>\n<\/ul>\n        <\/div>\n    <\/div>\n\n\n\n<p>It\u2019s always best to expect the unexpected in life. That\u2019s why insurance is such a wise decision.<\/p>\n\n\n\n<p>Insurance provides financial support for stressful situations such as car accidents or getting sick. It helps cover expenses like car repairs or medical treatment.<\/p>\n\n\n\n<p>In addition to auto and home insurance, <a href=\"https:\/\/guaranteedrate.wpengine.com\/insurance\/life-insurance\/\">a life insurance policy<\/a> is something that every person should consider getting. The <a href=\"https:\/\/www.wsj.com\/articles\/young-adults-life-insurance-11648844790\" target=\"_blank\" rel=\"noreferrer noopener\">Coronavirus pandemic<\/a> served as a reminder that we\u2019re not immortal. With that in mind, we should be responsible for our decisions so that our loved ones are well looked after.<\/p>\n\n\n\n<p>If you are wondering what voluntary life insurance is, there\u2019s no need to stress. Many don&#8217;t know about this insurance option and how it can help loved ones in difficult times.<\/p>\n\n\n\n<p>While planning ahead for your passing may feel strange, having <a href=\"https:\/\/guaranteedrate.wpengine.com\/insurance\/resources\/life-insurance-101-your-questions-answered\/\">the right life insurance<\/a> policy prepares your household for the future. It also helps you establish a legacy that will enrich the lives of the people you care about most.<\/p>\n\n\n\n<p>Your family\u2019s future, protected.<\/p>\n\n\n\t<div class=\"block-cta-blog my-4 \">\n\t\t<div class=\"cta-blog_copy\">\n\t\t\t<p>Your family&#8217;s future, protected.<\/p>\n\t\t\t\t\t\t\t<p class=\"text-center\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.lifeley.com\/rate.html\" class=\"btn btn-sm btn-primary\"  target=\"_blank\">Get life insurance<\/a>\n\t\t\t\t\t\t\t\t\t<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\n\n<h2 class=\"wp-block-heading\">Is Life Insurance Necessary?<\/h2>\n\n\n\n<p>Life is unpredictable.<\/p>\n\n\n\n<p>To prepare for the unexpected, it\u2019s smart to compare quotes and pick the right life insurance policy for you. If you have any dependents, you should ensure that you support them financially after you pass on.<\/p>\n\n\n\n<p>That financial support is what life insurance provides. It protects your family from having to take on financial hardships when the unexpected happens. It is hard enough to lose a loved one at any age, but to then have the financial hardship as well can be a lot to take at such a challenging time.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Life Insurance Plan Options<\/h2>\n\n\n\n<p>There are two different types of life insurance to consider.<\/p>\n\n\n\n<p>Below is a quick rundown of the benefits of each:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">What Is Permanent Life Insurance?<\/h3>\n\n\n\n<p>First, let\u2019s talk about permanent life insurance.<\/p>\n\n\n\n<p>This type of life insurance provides coverage for a lifetime, resulting in guaranteed death benefits.<\/p>\n\n\n\n<p>Here are some key aspects of permanent life insurance to know:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>The coverage is permanent<\/strong><br>You have some flexibility with payment timings. For example, you could set it up so that you only pay 20 times. Or, you could only pay up until you are 65. With permanent life insurance, the higher the death benefits, the more expensive the premium can be, depending on your health rating and age.<\/li>\n\n\n\n<li><strong>You may need a medical exam to qualify<\/strong><br>Before confirming your eligibility for voluntary life insurance, you may need to undergo a basic health exam. This exam evaluates your current health status, future health risks, and estimates your life expectancy. The results will dictate the health class, which impacts the premium payment recommended for your desired benefits. Not everyone is required to get an exam.<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\">What Is Term Life Insurance?<\/h3>\n\n\n\n<p>The other option to consider is getting a <a href=\"https:\/\/www.investopedia.com\/terms\/t\/termlife.asp\" target=\"_blank\" rel=\"noreferrer noopener\">term life insurance policy<\/a>.<\/p>\n\n\n\n<p>This means you will make payments and receive guaranteed death benefits during a fixed period of time.<br>Here are the main things to know about this plan:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>You can get a level premium for the set years of coverage.<\/strong> Depending on your age you can get up to 35 years of a term policy.<\/li>\n\n\n\n<li><strong>You can convert the policy.<\/strong> This means that you may have the option to change the policy from term to permanent.<\/li>\n\n\n\n<li><strong>Terms are flexible.<\/strong> The terms of the coverage can vary from being just one year to a few decades. In general, the younger and healthier you are, the lower your premium will be.<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\">Other Life Insurance Options<\/h2>\n\n\n\n<p>No one situation is the same, and there are many different forms of life insurance for you to choose from.<\/p>\n\n\n\n<p>After talking to an agent, you may also realize that a more permanent form of life insurance makes sense for you and your situation.<\/p>\n\n\n\n<p>Here are some of the different permanent life insurance policies to consider:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. Whole Life Insurance<\/h3>\n\n\n\n<p>This is the most popular type of permanent insurance. You can have cash value accrue over time, level premiums and guaranteed minimum death benefit.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. Universal Life Insurance<\/h3>\n\n\n\n<p>Universal Life Insurance is one of the most flexible permanent options.<\/p>\n\n\n\n<p>With this type of life insurance, you can have the policy for your whole life but change your premium payments at any point. You can also make changes to the death benefit. Some policies offer a cash value component as well.<\/p>\n\n\n\n<p>Your policy can also go up in terms of value based on how your insurance company invests. However, investment changes could also decrease the value if the market index decreases.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. Variable Life Insurance<\/h3>\n\n\n\n<p>Variable life insurance plans provide death benefits for families and also include a savings account that grows through investments. Investing in stocks and bonds has some risk. However, there are usually guarantees in place to prevent the account from dropping below a certain level.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">4. Final Expense Insurance<\/h3>\n\n\n\n<p>With death comes funerals, and funerals can be expensive. If you\u2019re concerned about the costs associated with your passing, this is an option worth considering. Most policies for FE are about 30K or less in coverage.<\/p>\n\n\n\n<p>You do not want your family and loved ones to bear the burden of paying for your funeral. Instead, you can get a policy for this scenario ensures you\u2019ll have a funeral without financially stressing others.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How To Know How Much Life Insurance You Need<\/h2>\n\n\n\n<p>So, how do you know how much life insurance you need?<\/p>\n\n\n\n<p>Trying to figure out the real costs and predict what your family will need when you are gone can be confusing.<\/p>\n\n\n\n<p>These three simple tricks can help you confidently estimate your life insurance costs:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Tip #1: Multiply Your Income by Ten<\/h3>\n\n\n\n<p>This is one of the simplest tricks in the book: Just multiply your gross yearly income by ten.<br>This will generally be a suitable amount to assist your family if you should pass unexpectedly.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Tip #2: Value Each Child<\/h3>\n\n\n\n<p>If you are a parent, you will want to also calculate how much money each of your children will need, not just for essentials but for their future education and daily care as well.<\/p>\n\n\n\n<p>Once you multiply your gross income by ten, you will want to add on an additional $100,000 for every child you have.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Tip #3: Consider Your Debt<\/h3>\n\n\n\n<p>You also do not want to leave your family with your personal debt. That\u2019s why you should equally evaluate the cost of your mortgage and any debt you have. Knowing these numbers will allow you to accurately calculate the total life insurance benefits you need your family to have.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How Are Life Insurance Premiums Calculated?<\/h2>\n\n\n\n<p>Just like any other insurance policy, there are many different factors that are considered when creating your <a href=\"https:\/\/guaranteedrate.wpengine.com\/insurance\/resources\/is-life-insurance-worth-it\/\">life insurance premium<\/a>.<\/p>\n\n\n\n<p>The three main assessments used to calculate life insurance premiums are:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. The Desired Death Benefits<\/h3>\n\n\n\n<p>Before getting a life insurance policy, you\u2019ll probably have a rough estimate of how much money you want to leave behind to keep your loved ones financially secure. The more money you want them to have, the more your premium may be.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. Your Age and Health<\/h3>\n\n\n\n<p>While no one can predict death, a factor that is often considered in your premium costs is your age.<br>In general, the older you are, the higher your premium is going to be, simply based on the reality that no one lives forever. It\u2019s likely that your lifestyle will also be taken into account, including factors like your medical background, family history and your daily habits.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. Pre-Existing Medical Conditions<\/h3>\n\n\n\n<p>This one is very similar to general health insurance policies.<\/p>\n\n\n\n<p>If you have a <a href=\"https:\/\/www.investopedia.com\/terms\/p\/preexisting_condition.asp#:~:text=A%20preexisting%20condition%20is%20a,charge%20more%20for%20preexisting%20conditions.\" target=\"_blank\" rel=\"noreferrer noopener\">pre-existing medical condition<\/a>, the risk of coverage is going to be higher. However, if you also have a pre-existing medical condition, you will certainly want to have a life insurance plan, as the risk of a medical incident is naturally higher.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What If You Outlive a Policy?<\/h2>\n\n\n\n<p>If you happen to live past the limit of your term life insurance policy, it\u2019s an ideal time to re-assess the level of coverage you need.<\/p>\n\n\n\n<p>For example, suppose you took out the life insurance policy when you still had kids living at home and a mortgage to pay off. 30 years later, you\u2019re still healthy, and your financial situation is entirely different.<\/p>\n\n\n\n<p>This is good news \u2014 it means that the level of coverage and the type of premiums you need to pay will change. The real trick in this scenario is to talk to a life insurance agent before your policy expires or <a href=\"https:\/\/guaranteedrate.wpengine.com\/insurance\/life-insurance\/\">compare life insurance quotes online<\/a>. That way, you can ensure the transition for the new adjustments is seamless and accurate.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Life Insurance Riders<\/h2>\n\n\n\n<p>Just like every other insurance policy, life insurance offers additional add-ons that further support your benefits. These are referred to as \u201criders.\u201d<\/p>\n\n\n\n<p>Riders can be customized to ensure that your family is protected after your passing.<\/p>\n\n\n\n<p>One of the most common types of riders is an accelerated death benefit. This rider guarantees your family will receive a part of your death benefit, even when you are alive but dealing with a critical injury, chronic or terminal illness. (Some policies will include this for no extra charge)<\/p>\n\n\n\n<p>Another add-on that families often consider is a child term rider. This rider allows your children to be added to your policy. If they pass, any of the death-related expenses will be covered.<\/p>\n\n\n\t<div class=\"block-cta-blog my-4 \">\n\t\t<div class=\"cta-blog_copy\">\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\n\n<h2 class=\"wp-block-heading\">How can I get a quote for life insurance?<\/h2>\n\n\n\n<p>Life insurance is a vital level of financial protection that every family should have. That way, if the unexpected happens, the world keeps spinning.<\/p>\n\n\n\n<p>To start the process towards a more secure future, contact us to get <a href=\"https:\/\/guaranteedrate.wpengine.com\/insurance\/life-insurance\/\">a life insurance quote<\/a>. The peace of mind you&#8217;re looking for is only a few clicks away with Rate Insurance.<\/p>\n\n\n\n<p>Sources:<\/p>\n\n\n\n<p><a href=\"https:\/\/www.wsj.com\/articles\/young-adults-life-insurance-11648844790\" target=\"_blank\" rel=\"noreferrer noopener\">More Young Adults Are Buying Life Insurance Thanks to the Pandemic\u2014if They Can Get It | WSJ<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.investopedia.com\/terms\/t\/termlife.asp\" target=\"_blank\" rel=\"noreferrer noopener\">Term Life Insurance Definition | Investopedia<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.investopedia.com\/terms\/p\/preexisting_condition.asp#:~:text=A%20preexisting%20condition%20is%20a,charge%20more%20for%20preexisting%20conditions\" target=\"_blank\" rel=\"noreferrer noopener\">Preexisting Condition Definition | Investopedia<\/a><\/p>\n\n\n\n<p><em>Disclaimer:&nbsp;<\/em><\/p>\n\n\n\n<p><em>*Savings, if any, vary based on the consumer\u2019s profile and other factors. Contact your insurance agent for more information. Restrictions apply.<\/em><\/p>\n\n\n\n<p><em>All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction.<\/em><\/p>\n\n\n\n<p><em>Rate Insurance does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Rate Insurance.<\/em><\/p>\n\n\n\n<p><em>Rate Insurance, its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.<\/em><\/p>\n\n\n\n<p><a href=\"https:\/\/guaranteedrate.wpengine.com\/\">\u200b<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/guaranteedrate.wpengine.com\/\">\u200b<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Not sure what voluntary life insurance is or if you need it? We\u2019ve got all of the information you need. Keep reading to find out more.<\/p>\n","protected":false},"author":26,"featured_media":9483,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"inline_featured_image":false,"footnotes":""},"categories":[49],"tags":[50,67],"class_list":["post-9482","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-life","tag-life-insurance","tag-voluntary-life-insurance"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What Is Voluntary Life Insurance? | Find Life Insurance Types | Rate.com<\/title>\n<meta name=\"description\" content=\"Not sure what voluntary life insurance is or if you need it? We\u2019ve got all of the information you need. 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