There are many different types of life insurance coverage to choose from, and each meets a person or family’s needs in different ways. The type and amount of insurance that you buy will have an impact on how protected your family or dependents are after your death.

TERM LIFE INSURANCE

  • This is considered to be the simplest type of life insurance.
  • You can buy more coverage for less money, but the coverage only lasts for a set time period.

TERM UNIVERSAL LIFE INSURANCE

  • This is a hybrid insurance policy that is more flexible than a typical term policy.
  • It allows you to extend the policy term once in the plan.

There are several different options for better custom tailoring.

WHOLE LIFE INSURANCE

  • This insurance covers your entire life as long as premiums are paid.
  • This is more expensive insurance, but it can pay off in the right circumstances.

BLENDED LIFE INSURANCE

  • This begins as a combination between term and permanent insurance coverage.
  • Dividends paid on this policy convert term coverage into permanent coverage.

UNIVERSAL LIFE INSURANCE

  • This insurance contains an investment component.
  • Beneficiaries have a choice of payouts.

VARIABLE LIFE INSURANCE

  • This is similar to Universal Life Insurance but offers more investment options.

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