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Life Insurance Comparison

Choosing life insurance with American Family Life Insurance Company means you have the freedom to build a policy that’s best for you and your family. Whether you're looking for whole or term life insurance, our comparison chart makes it simple to compare your life insurance options. Before you start comparing life insurance policies, let’s take a look at the differences at a glance:

Comparing Whole Life vs. Term Life Insurance

There are two main types of life insurance: term life insurance and whole life insurance. Here are the key differences between the two.

Term life insurance

  • Offers coverage for a specific period of time
  • If you pass away while the policy is in effect, your beneficiary will receive a death benefit
  • If your term life insurance policy expires before you pass away, your beneficiaries won’t receive a payout
  • You may be able to extend your coverage after the initial policy term ends or convert it to a long-term policy

Whole life insurance

  • Offers coverage for your whole life (subject to policy terms and conditions)
  • Typically more expensive than a term life policy
  • Can accumulate cash value that you can borrow against while you’re still living

Life Insurance Policy Comparison Chart

Take a look at our life insurance comparison chart to better understand your options and select the right coverage for you to protect what matters most.

  • Temporary Coverage
    Coverage that’s in place for a certain time period, such as 20 years. The death benefit is paid to the beneficiary(ies) if you pass while the coverage is in place.
  • Permanent Coverage
    A type of life insurance that stays in place for a person’s entire life (subject to policy terms). Guaranteed death benefit.1
  • Flexible Coverage
    A type of life insurance that provides flexibility in determining how long you want your coverage to last.
  • Accumulates Cash Value
    A component of some life insurance policies that accumulates from a portion of your premium and can be borrowed against like a loan to pay for things like education or retirement.2
  • Streamlined Purchase Process
    Life insurance coverage that requires no medical exam, only a few health questions to help determine eligibility.
  • Other Key Features

Key

  Included in Policy

  Not Included in Policy

 

Which Type of Life Insurance Is Right For Me?


Life insurance is a great way to help financially protect the ones who matter most. That’s why it’s important to have a life insurance policy. Take these factors into consideration when choosing between the different types of life insurance.

  1. On screen: Person’s silhouette (blue) in the middle of the screen. Around them in a rotating circle of documents, each one with a big red question mark on it.

    Narrator: It’s the right time for life insurance – but you can’t decide which policy type is right for you.

    On screen: Continue from previous scene.

    One of the question marks transforms into a check mark. The rest of the documents disappear. The check-mark document expands to take up most of the screen, and the check mark transforms into the AmFam logo.

    Narrator: Luckily, American Family Life Insurance Company is here to help with all your life insurance needs!

    On screen: Continue from previous scene.

    Below AmFam logo, the following text appears:

    EXPLAINS LIFE INSURANCE:

    TERM VS. PERMANENT (knockout, blue font, all caps)

    Narrator: To start, there are two main types of life insurance: term life insurance and permanent life insurance.

    On screen: New scene.

    Text at top of the screen:

    WHAT IS TERM LIFE INSURANCE?

    (knockout, blue font, all caps)

    Below, we see a bar chart with bars at:

    • 10 years
    • 15 years
    • 20 years
    • 30 years

      (blue bars, labels beneath each bar)

    • (labels are blue, myriad, sentence case)

      Narrator: Term life insurance is a temporary policy that lasts for a set amount of time – typically 10, 15, 20 or 30 years. Term life only delivers a payout if the insured passes away while the policy is active.

      New scene.

      On screen: Text at the top of the screen:

      TERM LIFE INSURANCE PROVIDES COVERAGE DURING PERIODS WHEN YOU HAVE LARGER COVERAGE NEEDS

      (knockout, blue font, all caps)

      One by time, timed with the VO, three icons pop up in a triangular configuration:

    • House icon for mortgage
    • Three small silhouettes for children
    • Graduation cap for education

      Narrator: Term life insurance is perfect for when you want financial protection for a limited amount of time – for example, when you:

    • Have a mortgage or other big loan
    • Have children in the house
    • Or are paying or planning for post-secondary education

      On screen: Continue scene.

      In the middle of the 3 icons, a 4th icon of a dollar sign appears.

      Small, small text at bottom of screen (myriad):

      Narrator: Term life may be more affordable (or a lower price than) permanent life insurance. Contact your agent for more information. Plus, term life can be more affordable than permanent life insurance policies.

      On screen: New scene.

      AmFam’s four life insurance icons lined up (see this video at 0:06 - https://youtu.be/rwOJxJ3Vy3g )

      A blue box appears around Simplified Term Life and Term Life icons.

      Below the box, on-screen text (myriad, sentence case):

      For these polices, the premium and coverage amount stay the same for the entire term you choose.

      Once the initial term ends, you may renew the policy annually with increased premiums.

      Disclaimer in small font at bottom of screen:

      *Policies can be renewed up to the policy anniversary on or after the primary insured’s 95th birthday.

      Narrator: To meet your unique needs, American Family Life Insurance Company offers two types of term life insurance: DreamSecure Simplified Term Life and DreamSecure Term Life.

      On screen: New scene.

      Text at top of the screen:

      WHAT IS PERMANENT LIFE INSURANCE?

      (knockout, blue font, all caps)

      On left side, text: TERM LIFE

      Below this text, we see a blue heart with four small pop-up circles around it, labeled: 10 yrs, 15 yrs, 20 yrs, 30 yrs.

      On the right side, text: PERMANENT LIFE

      Below this text, a red heart surrounded by the circle arrow (see 0:48 of https://youtu.be/5u8nfmJS_Gc for the circle arrow)

      Text at bottom of screen:

      Permanent life insurance lasts your whole life (as long as premiums are paid).

      (myriad, sentence case)

      On screen: Permanent life insurance is another common type of life insurance. Whereas term only covers a set number of years, permanent life insurance can last your whole life!

      In fact, whole life insurance is one type of permanent life insurance.

      On screen: New scene.

      We see a line of silhouettes.

    • One silhouette with a graduation cap (college grad)
    • One silhouette with a big skirt, holding a bouquet of flowers and with a veil (bride)
    • One silhouette with a tie and/or briefcase (professional)
    • One silhouette with a cane (elderly)

    One-by-one, a shield with a heart inside of it appears above each silhouette.

    Narrator: Permanent life insurance can help provide financial protection at any – and every – point of your life.

    On screen: Continue scene.

    Next to college grad, a second silhouette + dog silhouette appears. Next to shield with heart, a dollar sign appears.

    Next to bride, a groom (in tux) appears. Next to shield with heart, a dollar sign appears.

    Next to professional, a second silhouette + 2 child silhouettes appear. Next to shield with heart, a dollar sign appears.

    Next to elderly, a second adult silhouette + 1 child silhouette appear. Next to shield with heart, a dollar sign appears.

    Narrator: It can help your loved ones cover things like funeral costs or paying off debts, can be used to leave a legacy to loved ones, and even builds cash value over time!

    Plus, with a variety of coverage options available, you can build a permanent life policy to fit your unique needs and specific budget.

    On screen: New scene.

    AmFam’s four life insurance icons lined up (see this video at 0:06 - https://youtu.be/rwOJxJ3Vy3g )

    A blue box appears around the Whole Life icon.

    Narrator: So it’s always a good time to consider a DreamSecure Whole Life Policy from American Family Life Insurance Company.

    On screen: Continue scene. Box from previous scene disappears.

    Show different combinations (e.g., second icon vanishes, with plus signs showing between first, third, and fourth icon…  then reset to all four icons, first and fourth icon vanish with a plus sign showing between the second and third, etc.)

    Narrator: It’s important to remember that term and permanent life insurance isn’t an either/or question – you can own multiple policies for even more customized protection!

    On screen: New scene.

    Lone red silhouette appears in the middle of screen. Next to it, pops in a second blue silhouette on one side and a dark gray house on the other side.

    At the top, a blue heart inside a shield, labeled DREAMSECURE SIMPLIFIED TERM LIFE

    (all caps, red, knockout)

    Narrator: For example, let’s consider Alexis. She and her husband just bought their first home, so they each get a DreamSecure Simplified Term Life policy for the duration of the mortgage to help make sure the other won’t lose the house should one of them pass away.

    On screen: Continue scene.

    A light blue baby appears in the arms of the first (red) silhouette.

    At top, a second blue heart inside a shield, labeled

    DREAMSECURE TERM LIFE

    A plus sign between the two hearts/labels.

    (all caps, red, knockout)

    Narrator: After the birth of their first child, Alexis decides to add a second term life policy – this time a DreamSecure Term Life – for additional coverage.

    Continue scene.

    On screen: The baby vanishes from the arms of the first (red) silhouette. A third, adult silhouette (same light blue as vanished baby) appears. It waves to the parents as it moves off screen.

    While the above is happening, the two hearts & labels vanish from the screen. In their place fades in a red heart inside a shield, labeled

    DREAMSECURE WHOLE LIFE INSURANCE

    (all caps, red, knockout)

    Narrator: When the kids grow up and move out, Alexis and her husband look toward their future. They decide now’s the perfect time to add a DreamSecure Whole Life Insurance policy.

    On screen: Continue scene.

    The middle (red) silhouette vanishes. The light blue silhouette re-appears and unites with the blue silhouette.

    Above, the red heart beats, and shields with dollar signs appear above the two silhouettes as well as above the house.

    Narrator: Decades later, When Alexis passes peacefully, her survivors – her husband and her children – have her whole life insurance policy to cover expenses such as funeral costs.

    They love and appreciate how well Alexis has taken care of them financially, even after she’s gone.

    On screen: New scene. Standard end card.

    AmFam logo.

    Text:

    Contact your Agent

    or visit AmFam.com

    Narrator: Ready to learn more about how life insurance can help make sure your loved ones are financially protected after you’re gone? Contact your American Family agent today.

    On screen: Policy Forms: ICC18-33 (10), ICC18-33 (15), ICC18-34 (20), ICC18-35 (30), L-33 (10)(ND), L-33 (15)(ND), L-34 (20)(ND), L-35 (30)(ND), L-33 (10)(SD), L-33 (15)(SD), L-34 (20)(SD), L-35 (30)(SD), ICC18-36 (10), ICC18-36 (15), ICC18-36 (20), ICC18-36 (30), L-36 (10)(ND), L-36 (15)(ND), L-36 (20)(ND), L-36 (30)(ND), L-36 (10)(SD), L-36 (15)(SD), L-36 (20)(SD), L-36 (30)(SD), ICC19-97 UL, L-97 UL (ND), L-97 UL (SD), ICC17-225 WL, L-225 (ND) WL, L-225 WL, ICC17-226 WL, L-226 (ND) WL, L-226 WL, ICC17-227 WL, L-227 (ND) WL, L-227 WL, ICC17-223 WL, L-223 (ND) WL, L-223 WL, ICC17-224, L-224 (ND) WL, L-224 WL, ICC17-228 WL, L-228 (ND) WL, L-228 WL

    Life insurance underwritten by American Family Life Insurance Company, 6000 American Parkway, Madison WI 53783 | © 2020  019494

Is term life insurance right for me?

Term life insurance is often popular with younger people who are just starting their families, new homeowners with a mortgage, or those who wish to provide funds to replace income for loved ones if they were to die. Consider this policy if you want to choose how much coverage you want for a specific length of time.

Is whole life insurance right for me?

If you want coverage that lasts a lifetime instead of only for a specific amount of time, whole life insurance is right for you. Plus, if you need help with things down the road, like a down payment on a house or paying for college tuition, the benefit of cash value that you can borrow against may be appealing to you.

Parents with their kids in the living room

Determine How Much Life Insurance Coverage You Need

Get a quick quote and estimate how much coverage you need with our easy Life Insurance Calculator.

Find Out Now

This is a brief description of coverage and is subject to policy and/or rider terms and conditions which may vary by state. Fixed and guaranteed premiums are statements about the policy as determined at issue, and any changes made to a policy may affect the premium and are subject to our underwriting rules. The words lifetime, lifelong and permanent are subject to policy terms and conditions. DreamSecure Whole Life Insurance policies mature at age 121. Please check with an American Family agent for details on coverages and restrictions.

* According to company underwriting guidelines.
† Children ages 0-17 won't need a medical exam — they'll simply answer some health questions to determine eligibility.
1 Subject to policy terms and conditions, including timely payment of premiums.
2Any loans taken from your life insurance policy will accrue interest. Any outstanding loan balance (loan plus interest) will be deducted from the death benefit at the time of claim or from the cash value at the time of surrender. If the loan balance grows too large for the cash value to support it, the policy could terminate.
3 Approval is subject to health history and underwriting guidelines.
The GPO may be exercised only at specified dates and life events and is subject to benefit amount limitations.

Policy Forms: ICC18-36 (10), ICC18-36 (15), ICC18-36 (20), ICC18-36 (30), L-36 (10)(ND), L-36 (15)(ND), L-36 (20)(ND), L-36 (30)(ND), L-36 (10)(SD), L-36 (15)(SD), L-36 (20)(SD), L-36 (30)(SD), ICC18-33 (10), ICC18-33 (15), ICC18-34 (20), ICC18-35 (30), L-33 (10)(ND), L-33 (15)(ND), L-34 (20)(ND), L-35 (30)(ND), L-33 (10)(SD), L-33 (15)(SD), L-34 (20)(SD), L-35 (30)(SD), ICC17-225 WL, L-225 (ND) WL, L-225 WL, ICC17-226 WL, L-226 (ND) WL, L-226 WL, ICC17-227 WL, L-227 (ND) WL, L-227 WL, ICC17-223 WL, L-223 (ND) WL, L-223 WL, ICC17-224 WL, L-224 (ND) WL, L-224 WL, ICC17-228 WL, L-228 (ND) WL, L-228 WL