What type of life insurance is right for me?

Permanent and term life insurance are the two main types of individual life insurance. When choosing between the two, consider how long you want coverage, the purpose of the coverage, and how much you want to pay. Here’s a brief overview of each to help you decide which one may be the best fit for you and your family.

Permanent (Whole or Universal) Life Insurance

As long as the premiums are paid, this type of coverage is active for your whole life, guaranteeing the eventual payout of a death benefit. It can cost 5-10X more but if the premium is within budget, it can be a good option for anyone interested in insurance that accumulates cash value and doesn’t end.

Term Life Insurance

Term policies last for a specific amount of time (your term), and there is no cash value accumulation. The death benefit is only payable to the beneficiaries upon the death of the insured person during the term. Because it costs less and is more straightforward it's a good option for many people.