Connecticut Life Insurance GuideLife Insurance, Explained
Like a Neighbor Would.

By Ken O'Hara, CT licensed agent #20221083 · Updated September 26, 2026 · General information, not a coverage determination — your policy language controls.

Term vs whole vs universal life

• Term life covers you for a set period — 10, 20 or 30 years — at a level premium. It's the least expensive way to buy a large death benefit. Many term policies can be converted to permanent coverage without a new medical exam.
• Whole life lasts your entire life, with a fixed premium and a guaranteed cash value that grows over time. It costs considerably more per dollar of coverage.
• Universal life is permanent coverage with flexible premiums. Guaranteed universal life (GUL) focuses on a guaranteed death benefit at a lower cost than whole life; indexed and variable versions tie cash value growth to market performance.

The right answer often isn't either/or. A common structure is a large term policy for the years your family depends on your income, plus a smaller permanent policy for final expenses or estate needs.

How much life insurance do you need?

A quick rule of thumb is 10 to 12 times your income, but a needs-based number is better. Add up:

• Income replacement — the years of income your family would need, especially until the youngest child is independent.
• Debts — mortgage balance, car loans, student loans, credit cards.
• Future costs — college, childcare, and a surviving spouse's retirement savings.
• Final expenses — funeral, medical bills, estate settlement.

Then subtract existing savings and life insurance. Don't forget a stay-at-home parent: replacing childcare and household work costs real money, and that parent needs coverage too.

Why coverage through work usually isn't enough

Group life through an employer is valuable and often free, but it's typically one or two times salary — well short of what most families need — and it generally ends or must be converted at a higher cost when you leave the job. An individual policy you own stays with you regardless of where you work, and locks in pricing based on your health today.

How underwriting works

Your price depends on age, health, height and weight, tobacco use, family history, driving record and sometimes occupation or hobbies. Many carriers now offer accelerated underwriting — no medical exam for healthy applicants below certain ages and amounts. Answer the application fully and accurately: during the first two years a policy can generally be contested for misstatements on the application.

Riders worth knowing

• Waiver of premium — premiums are waived if you become disabled.
• Accelerated death benefit — early access to part of the benefit if you're diagnosed with a terminal, chronic or critical illness.
• Child term rider — a small amount of coverage for all your children on one rider.
• Conversion privilege — the right to convert term to permanent coverage without new medical underwriting.

Beneficiary mistakes to avoid

• Naming minor children directly. Insurers generally can't pay a large benefit to a minor outright, which can mean a court-supervised process. A trust or a custodian under the Uniform Transfers to Minors Act avoids that.
• Naming your estate. The money then goes through probate and can be exposed to creditors.
• Forgetting to update after a marriage, divorce, birth or death. The beneficiary form controls, not your will.
• No contingent beneficiary. Always name a backup.

Getting a quote

We quote term and permanent coverage from multiple carriers, including Farmers life products — see life insurance and Farmers life insurance. Buying younger and healthier is always cheaper, so the best time to price it is now.