This depends on several factors, including your age, lifestyle,
financial position, family status, and what you want the insurance to accomplish. There are three
types of life insurance-- term, whole life, and combinations of the two.
Term Life Insurance
- Provides low-cost, high-benefit protection for a specific time period.
- Does not include cash accumulation or investment features.
- Proceeds are paid if you die during the term.
- Premiums and benefits may be either level or decreasing.
Whole Life Insurance - Offers coverage for your life.
- Premiums remain level, the same throughout your lifetime.
- Accumulates cash values and has loan accessibility.
- Can provide a future source of money.
- Let's you terminate the policy and receive accumulated cash.
Combinations of Term and Whole Life
There are obvious advantages to combining the economical protection
of term insurance with the cash values of whole life. Universal Life,
Variable Life and other plans create more choices for you to consider.
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