Aaron’s Story: Why He Finally Looked Into Life Insurance
Aaron never really thought about life insurance until this past year. Both Aaron and his wife work, are healthy, and their kids are still young. Life insurance always felt like something that Aaron and his wife could deal with later. But helping move his parents into a retirement home changed all of that.
What started as a plan to get his parents more help after his dad’s second fall quickly turned into a crash course in elder care costs, asset management, and legal paperwork. As the oldest child, a lot of it fell on Aaron. He had to sort through years of their financial records, insurance policies, and even figure out how much their home was worth in case we needed to sell. The most jarring part? Realizing how close they were to not being able to afford his parents’ care, just because some basic financial planning had been delayed.
The stark reality of a sudden loss can be devastating, especially when it leaves a family in financial turmoil. Aaron heard a story recently about a man who passed away unexpectedly, leaving behind two young children and no life insurance. His family was forced to resort to a crowdfunding campaign just to cover funeral costs, and the children’s mother had to move in with relatives because she couldn’t afford their home on her own. The sentiment was heartbreaking: “We’re not mad at him, but we’re just… stuck.” That deeply resonated with Aaron, prompting him to consider what his own family would face if something similar happened.
Then, a different perspective emerged: a family friend shared how getting term life insurance after his second child was born brought immense peace of mind. He’d seen a friend pass away suddenly from a heart condition, and the thought of his family’s financial stability being secured was “worth every penny.” Given Aaron’s family history of heart issues, that hit home, making him reflect on potential inherited risks.
That’s what brought Aaron to this point. He wasn’t sure precisely what policy he needed, but here’s what he learned along the way.
Who Might Consider Life Insurance
If you’re in your 30s or 40s, life insurance might feel like something to think about “eventually.” But the truth is, it matters right now if any of the following apply to you:
- You have children or dependents who rely on your income
- You’re married or share financial responsibilities with a partner.
- You have a mortgage or other significant debts.
- Do you own a business or co-sign for any loans?
- You want to leave something behind to help with final expenses, education, or generational wealth.
- You’ve seen what happens when a family isn’t financially prepared for a sudden loss.
Life insurance isn’t about betting on worst-case scenarios. It’s about ensuring your people are safe if the unthinkable happens.
Compare Life Insurance Options
Moving Forward with Life Insurance Options
Once Aaron decided to explore life insurance options, he realized there were more choices than he had expected. Here’s a quick breakdown of what he learned:
Types of Life Insurance:
- Term Life:
This is the most straightforward option. You pick a term (like 10, 20, or 30 years) and if you die during that time, your family gets the payout. It’s usually much cheaper than whole life and makes sense for most people in our age group. - Whole Life / Permanent Insurance:
This lasts your entire life and builds a cash value over time. It’s more expensive and more complicated. Some people use it for estate planning or as an investment vehicle, but it’s not always necessary unless you’ve maxed out other options.
Where to Buy:
- Direct from an Insurer:
If you already have car or home insurance, some companies offer multi-policy discounts. - Through an Independent Agent:
Helpful if you want personalized advice or someone to walk you through all the fine print. - Online Platforms and Brokers:
Great for comparing rates quickly, applying digitally, and managing everything in one place.
How Much Coverage to Get:
- A common rule of thumb is 10–15 times your annual income.
- Factor in your mortgage, kids’ education, daily expenses, and existing savings.
You don’t need to overthink it right away—just get enough to cover the big stuff and protect your family’s lifestyle.
Risk Factors of Life Insurance
Life insurance isn’t one-size-fits-all, and there are a few things Aaron wished he had known from the start:
- Riders Can Add Cost:
Riders are add-ons like critical illness coverage or return of premium. Some are useful, but many just hike up the price. - Premium Increases (on Some Policies):
Most term policies have level premiums, but some less common versions may increase over time if you’re not careful. - Policy Exclusions:
Not every cause of death is covered. Suicide within the first couple of years or risky hobbies might be excluded. - Inflation Reduces Buying Power:
A $500,000 policy might sound like a lot now, but in 20 years, it won’t stretch as far. That’s why some people add inflation riders or buy slightly more than they think they need. - Underwriting Surprises:
Even if you’re healthy, your family history or past health events might impact your premiums. Don’t assume anything, and get multiple quotes.
The good news is that most of these risks can be managed if you know what to look for and ask the right questions up front.
Recommended Online Life Insurance Options for 2025
These are the life insurance names that keep coming up from people who went through the process of getting insured and shared their experiences with Aaron, while being highly rated.
1. Corebridge Direct
- Why Reddit Likes It: Easy online application, quick turnaround, and competitive term life rates.
- Best For: Individuals seeking a streamlined digital application process and coverage without unnecessary delays.
- Standouts: Transparent pricing and no-pressure sales.
2. Legal & General (via Banner Life)
- Why Reddit Likes It: Affordable policies, strong financial ratings, and flexible term options.
- Best For: Millennials who want solid coverage with customizable features.
- Standouts: Offers long-term options and optional riders at reasonable prices.
3. Ladder
- Why Reddit Likes It: You can adjust your coverage as needed without starting a new policy.
- Best For: Individuals anticipating changes in their financial situation (e.g., paying off a mortgage or having more children).
- Standouts: Clean digital interface and good mobile tools.
4. Ethos
- Why Reddit Likes It: No medical exam for many policies, fast approval, and a no-nonsense process.
- Best For: Busy individuals seeking a quote and policy on the same day.
- Standouts: Customer support is consistently praised.
5. Policygenius
- Why Reddit Likes It: Marketplace model that lets you compare multiple carriers.
- Best For: Individuals who prefer not to research every insurer themselves.
- Standouts: Great educational content and human support when needed.
Final Thoughts: Choosing the Right Life Insurance
Aaron didn’t come into this thinking he needed life insurance. Aaron just wanted to help his parents move into a retirement home. But somewhere along the way between medical bills, legal forms, and Reddit threads about families being blindsided by loss, Aaron realized he needed to look out for his own family, too.
If you’re in the same spot wondering if now is the right time, it is.
Frequently Asked Questions
We answer the questions that matter most about life insurance.
Employer-provided life insurance is a great starting point, but it often isn’t enough. Most workplace policies only cover 1–2 times your salary, which might not be enough to cover a mortgage, childcare, or long-term expenses if something happens to you. Plus, it usually doesn’t follow you if you change jobs. Having a personal policy ensures your family is protected no matter where you work.
A common rule of thumb is 10–15 times your annual income, but the right amount depends on your situation. Consider your mortgage, outstanding debts, income replacement, education savings for kids, and any existing assets. Online calculators or a quick chat with an advisor can help you find a number that makes sense for your family.
Term life covers you for a set period (like 20 or 30 years) and is usually much cheaper. It’s designed to protect your family during your most financially vulnerable years. Whole life, also called permanent insurance, lasts your entire life and includes a savings component, but it’s significantly more expensive. Most millennials start with the term because it’s affordable and practical.
Yes, especially if you share financial responsibilities or have kids. Even if your partner earns an income, losing yours could dramatically affect your family’s lifestyle. Life insurance helps cover everything from daycare to mortgage payments and gives your family breathing room to adjust without added financial stress.
