Life insurance products: Which is right for you?

Choosing the right type of life insurance doesn’t have to be confusing.

Amica Life representatives can help you understand the differences between term life insurance (coverage for a specific period of time) and whole life insurance (coverage for your entire life). And we can discuss which option is right for you.

Here is a quick overview to explain the differences:

About term life

Term life insurance may be right for you if you need help protecting your income for a specific period of time. It will also help your family cover ongoing expenses and maintain their standard of living if you’re not there to provide the income they rely on.

Advantages of term life

  • You pay for the coverage you need for the period of time you need it
  • Rate and coverage amount stay the same throughout the selected period of time
  • Lower current cost than whole life, but does not provide lifetime coverage
  • Generally convertible to whole life, which provides lifetime coverage
  • If you qualify, you can get this valuable term life protection with no medical exam¹
  • Policy includes a Terminal Illness Rider that allows you to receive a portion of the benefits if you become terminally ill²
  • Optional Cost of Living Adjustment Rider that allows you to offset inflation by increasing the face amount each year at the same premium rate you are paying today3
Term life Coverage
Amounts
Term
Periods
Level term4 $100,000 to
$1,000,000+
10, 15, 20, 25,
30 years
Annual
renewable term5
$250,000 to
$1,000,000+
1 year

How much term life coverage is right for you? Use our needs calculator to find out.

About whole life

If you want to help protect your family for your entire life, whole life insurance may be the better coverage for you. Whole life will help to ensure your family is not burdened by final expenses or medical bills if you’re not around.

Advantages of whole life

  • Provides lifetime coverage
  • Premium rates are fully guaranteed and will not increase over time
  • Cash value accumulates over the life of the policy
  • Coverage amount will not decrease as you get older and is guaranteed for your lifetime
  • An alternative, Simplified Issue Whole Life, provides permanent coverage up to $25,000 and no medical exam is required
Whole life1 Coverage
Amounts
Term
Periods
Whole life6 $25,000+ Term periods for all whole life insurance policies last the lifetime of the insured.
Simplified issue
whole life7
$5,000 to $25,000

Whether you’re thinking about whole life or term life, or if you have any questions, call us at
844-753-5433 for all the help you need.

Or use our online form to set up a call with an Amica Life representative.

1No medical exam will be required if you meet specific underwriting criteria based on the amount applied for, the responses provided in the simplified application process and the results of our underwriting review. However, we reserve the right to require a medical exam, possibly with blood and/or urine testing at our expense, if we deem it necessary to have such additional information as part of our full underwriting process.

2This rider allows you to receive a portion of your death benefit should you become terminally ill with a life expectancy of 12 months or less. Some restrictions apply and is not available in all states. Please consult with an Amica Life sales representative for additional information.

3Some restrictions apply. Please consult with an Amica Life sales representative for additional information.

4Standard form numbers ICC15 FGCLT01-01 in most states.

5Standard form numbers ART02-01 (09/2009) and ICC09 ART01-01 in most states.

6Standard form number WL2006-01 in most states.

7Standard form numbers ICC13 FEWL01-01, ICC13 FEWL01-01 (Graded), and ICC13 FEWL01-01 (ROP) in most states.