Life insurance can feel complicated, but understanding your options doesn't have to be.

The ABPHOREX Resource Center is designed to help you learn the basics, compare different types of life insurance, and better understand the questions to consider when choosing coverage.

Whether you're purchasing life insurance for the first time or reviewing coverage you already have, start here.

Start With the Basics

What Is Life Insurance?

Life insurance is a contract between you and an insurance company. In exchange for premiums and subject to the terms of the policy, the insurer provides a death benefit to designated beneficiaries when the insured dies while eligible coverage is in force.

How Much Life Insurance Do I Need?

Your coverage needs may depend on your income, debts, mortgage, dependents, existing assets, future expenses, and the financial support you want to provide for loved ones.

How Does Life Insurance Work?

Learn about premiums, beneficiaries, death benefits, underwriting, policy ownership, cash value, and other important concepts before choosing coverage.

Explore Types of Life Insurance

Term Life Insurance

Term life insurance provides coverage for a specified period, such as 10, 20, or 30 years. It may be appropriate for people seeking protection during particular years of financial responsibility.

Whole Life Insurance

Whole life insurance is designed to provide permanent coverage and generally includes a cash value component that can accumulate according to the terms of the policy.

Indexed Universal Life (IUL)

Indexed Universal Life is permanent life insurance with flexible features and cash value. Certain interest-crediting options may be linked to the performance of a market index, subject to policy-specific terms and limitations.

Final Expense Insurance

Final expense insurance generally provides a smaller death benefit designed to help beneficiaries manage funeral expenses, outstanding bills, and other financial needs after the insured's death.

Life Insurance 101

Important Terms to Know

Beneficiary — The person or entity designated to receive the policy's death benefit.

Death Benefit — The amount payable to beneficiaries upon an eligible claim, subject to the policy's terms.

Premium — The amount paid to maintain insurance coverage.

Policyholder — The person or entity that owns and controls the insurance policy.

Underwriting — The process an insurance company uses to evaluate an applicant and determine eligibility, classification, and pricing.

Cash Value — A feature of certain permanent life insurance policies that may accumulate value over time.

Policy Loan — A loan taken against available cash value in certain permanent life insurance policies. Loans can affect policy values and benefits.