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Choosing Life Insurance

"Which Life Insurance is Right For Me?"

Life insurance fits into two board categories: temporary and permanent. Policies come in four basic types: Term Life, Whole Life, Universal Life, and Variable Life. This guide summarizes key features of each type to help you determine which is right for you:

General Life Insurance Benefits

    Income Replacement: Provide for Dependents
  • Death Benefit: Cover Death Expenses
  • Inheritance: Pass on money probate-free
  • Grow Wealth: Save for Retirement, Tuition, etc.
  • Tax Free: Interest Compounds Income Tax Free
  • Safety: Backed by Large Insurance Companies
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Term Life Insurance

  • Temporary Coverage (1-30 years)
  • No Investment
  • No Investment Control
  • Premiums Increase with Time
  • Can't Increase Coverage
  • No Interest Earned
  • No Capital
  • Best for Temporary Death Benefits
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Whole Life Insurance

  • Permanent Coverage
  • Invest in Insurer's General Account
  • No Investment Control
  • Level Premiums
  • Can't Increase Coverage
  • 4%-6% Long-Term Dividend Yield
  • Can Borrow Against Account Value
  • Best for Basic Permanent Coverage
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Universal Life Insurance

  • Permanent Coverage
  • Invest in Short-term Interest Vehicles
  • Moderate Investment Control
  • Flexible Premiums
  • Flexible Coverage
  • 6%-8% Long-Term Yield
  • Can Cashout Account Value
  • Best for Growing Wealth w/o Risk
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Variable Life Insurance

  • Permanent Coverage
  • Invest in Equities
  • Complete Investment Control
  • Level Premiums
  • Can't Increase Coverage
  • Returns Vary, Greatest Potential
  • Can Cashout Account Value
  • Best for Max Growth w/ Moderate Risk
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