What Type Should I Buy?
There are two broad categories of life insurance, term and permanent.
Term insurance is simple and straight forward life insurance that is for a certain period of time (usually 1 year, 10 years, 20 years or 30 years). Term insurance is called "term insurance" because it is active for only a certain period of time (much like a United States President is elected for a certain "term" of four years). Term insurance typically only costs a fraction of permanent insurance.
Permanent insurance, on the other hand is more complicated life insurance because it combines insurance with investments. Permanent insurance is called "permanent" because even "permanent" policies last for the entire life of the insured person ("permanent" is a bit of a misnomer because even "permanent" policies expire when the insured dies). Permanent insurance typically costs much more than term insurance because of its investment component and lifelong coverage. Keeping these two main distinctions in mind is very important. Determining if you want term or permanent insurance is the most important step in determining what type of life insurance you should buy.
We recommend having one of our Network members contact you to discuss which type of life insurance is best for your needs. Please click here to start the process.