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Compare life option Life Insurance

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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.

Life Products
  • 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
  • Simplified Term Life Insurance
    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
    • Quick and easy application, fast approval.3
    • Temporary life insurance that costs less than permanent coverage.
    • 10-, 15-, 20- and 30-year level-term policies.
    • A good policy for most stages of life, including younger people with dependents and financial obligations, like rent payments or school loans.
  • Term Life Insurance
    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.

    It depends;
    Some customers will not need a medical exam.*

    Other Key Features
    • Temporary protection that costs less than permanent coverage for larger needs like mortgages or to replace income.
    • 10-, 15-, 20- and 30-year level-term policies.
    • A good policy for most ages, most popular with families.
  • Whole Life Insurance
    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.

    It depends;
    Many customers will not need a medical exam.*†

    Other Key Features
    • Premiums do not increase during the life of the policy regardless of age or health changes.
    • Attractive option for most ages, especially those in mid-to-later life stages.
  • Children's Whole Life Insurance
    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
    • Premiums do not increase during the life of the policy regardless of age or health changes.
    • Ability to purchase additional coverage at specific ages or life events, with no medical exam or health questions.4
  • Senior Whole Life Insurance
    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
    • Premiums do not increase during the life of the policy regardless of age or health changes.
    • Available in $10,000 and $15,000 coverage amounts.

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.

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.
4 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