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Types of Delaware life insurance

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Delaware Term Life Insurance

Popular and affordable, traditional term life insurance is for protecting your loved ones in case you pass while they still depend on your income. Get coverage for 10, 15, 20 or 30 years. Term life insurance makes sense if:
 

• You support a partner, spouse, or children

• You're paying off debt, like a mortgage

• Your loved ones depend on your income

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Delaware Final Expense Insurance

Also known as burial insurance, it's designed to cover your funeral, health care bills, and other costs after you pass away. It's an affordable policy with no medical team. Final expense insurance makes sense if:
 

• You're between 50 and 85 years old

• You want an affordable policy

• You only want your funeral and other final expenses covered

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Delaware Short-Term Life Insurance

Starting out with life insurance or have a temporary need? This unique policy provides one year of inexpensive coverage. There's no medical exam so you can quickly get a policy online. It makes sense if:
 

• You want to try out life insurance

• You only want temporary coverage

• You're in between jobs and temporarily without employer-provided coverage

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Delaware Whole Life Insurance

The most popular permanent policy, whole life provides coverage for your entire life at a fixed premium. Plus, it builds cash value at a fixed rate over time, which you can borrow from. It makes sense if:
 

• You want to be covered no matter when you pass away

• You want the cash value feature and the option to take out a life insurance loan

• You want a fixed premium and hands-off cash value growth

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Delaware Universal Life Insurance

Universal life lets you change your payment and death benefit amount over time. Its cash value depends more on the market than whole life and can grow into a no-cost policy. It makes sense if:
 

• You want to be covered no matter when you pass away

• You want the potential of a zero-cost policy or an adjustable premium

• You want the benefit of cash value and can afford the higher fees and risks associated with universal life's cash value growth setup

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Did you know?

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According to the 2023 Insurance Barometer Study, over half of survey respondents guessed that a 20-year, $250,000 term life insurance policy for a healthy 30-year-old would cost $500 per year or more. But the average cost is actually much lower — under $200 per year. Case in point, don't put off buying life insurance because you think it'll be too expensive. Get a quote and see for yourself how affordable it can be.

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What does life insurance cover in Delaware?

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Your beneficiaries can use the death benefit from your ​Delaware life insurance policy for any expenses they have. Some common uses for these funds include paying for funeral services, child tuition, mortgage payments, and other everyday expenses that would be a considerable burden with the loss of your income. Others may use their life insurance to leave an inheritance for their children and to settle any debt their estate holds once they pass away.

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What age should you buy life insurance in Delaware?

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Generally, the younger you are the more affordable your coverage will be, but you can find life insurance that fits your financial needs at almost any age. Besides age, you should consider buying life insurance if you have a family or debt that your estate would be responsible for.

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Do I need life insurance in Delaware if I already have a policy through my work?

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Many ​Delaware employers offer basic group life insurance to their employees, but it may not be enough to fully cover your family. You may also lose your group policy if you leave your company. You can buy your own supplemental life insurance policy to fill any coverage gaps and ensure you always have protection even when changing jobs.