Life Insurance 101

Life insurance doesn’t have to be intimidating. We’ll take you through the basics of the different types of coverage, the costs, and more.
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Should I Have a $1 Million Life Insurance Policy?

We break down how a $1 million policy could help set up the people who matter most

Credit Life Insurance

Credit life insurance is an insurance policy that promises to pay off a specific loan if you should pass away with outstanding debt

Term Life Insurance

Term life insurance is a type of life insurance that covers you for a specific period of time (aka, ‘term’)

No Exam Life Insurance

No exam life insurance is a policy you can sign up for without a full medical exam

Death Benefit

The death benefit is the amount an insurance company promises to pay out, generally tax-free, when the life insurance policyholder dies

All the Reasons to Get Life Insurance

Before making such an important decision, it helps to have the facts

Whole Life Insurance

Whole life insurance is a type of permanent life insurance that essentially guarantees an income-tax-free payment when the policyholder passes away

Irrevocable Beneficiary

An irrevocable beneficiary on a life insurance policy cannot be changed or removed without the beneficiary’s consent

Contingent Beneficiary

A contingent beneficiary is the person or organization that is second in line to receive the payout from your life insurance policy if your primary beneficiary cannot

Permanent Life Insurance

Permanent life insurance typically guarantees an income-tax-free payment when the policyholder passes away

Beneficiary

The primary beneficiary of your life insurance policy is the person, charitable organization, trust, estate, or business who receives the payout when you die

Insurable Interest

Insurable interest means having a financial stake in a person, a home, or a piece of personal property

Why Did I Get Denied for Life Insurance?

If you've been turned down for a policy, you're not the only one

How Much Life Insurance Do I Need?

Don’t worry, you don't need to be a rocket scientist to calculate how much life insurance you need

Calculating the Cost of Life Insurance

How much is enough life insurance? And where do you begin?

What Are the Different Types of Life Insurance?

We break down some of the most popular types of life insurance, and also explore some less traditional coverage types

What Are Some Ways You Can Use Term Life Insurance Coverage?

A death benefit payout could help keep your loved ones financially afloat

How to Buy Life Insurance

The ins-and-outs of a potentially life-changing purchase for the people you love

What Happens in a Life Insurance Medical Exam?

Let's get physical, physical

Everything You Need to Know About Life Insurance

Helping provide your family with financial protection doesn't have to be confusing

What's the Difference Between Term Life and Whole Life Insurance?

We lay out the pros and cons of term and whole life insurance, so that you can feel confident to make an educated decision

Please Note: These definitions don’t alter the terms, conditions, exclusions, or limitations of policies issued by Lemonade. They are intended for educational purposes only - they’re not meant to be used in lieu of professional legal or financial advice. We’ll do our best to keep them updated, but they may not always reflect current industry developments. Feel free to use the terms with attribution (friends don’t let friends plagiarize!)

Property and casualty insurance provided by Lemonade Insurance Company, 5 Crosby St., 3rd floor, New York, NY 10013. Life Insurance provided by North American Company for Life and Health Insurance®, Administrative Office, One Sammons Plaza, Sioux Falls, SD 57193.

Lemonade Insurance Agency, LLC (LIA) is acting as the agent of Lemonade Insurance Company and Lemonade Life Insurance Agency, LLC (LLIA) is acting as the agent of North American Company for Life and Health Insurance®. Both LIA and LLIA receive compensation based on the premiums for the insurance policies each sells. Further information is available upon request.

LLIA is a sub-producer of Bestow Agency, LLC. Life insurance quotes are provided by Bestow Agency, LLC dba Bestow Insurance Services in CA, who is the licensed agent. Term Life insurance policies are issued on North American Company for Life and Health Insurance® policy form LS181 and LS182, or state version including all applicable endorsements and riders. Products or issue ages may not be available in all jurisdictions. Limitations or restrictions may apply. Not available in New York. Our application asks about your lifestyle and health; your answers allow us to save you time and avoid offline medical exams.