The 4 Types of Life Insurance

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What is it?

Term life insurance provides coverage for a specific period of time, such as 10, 20, or 30 years.

If the insured person passes away during the term and the policy is in force, a death benefit is generally paid to the beneficiaries.

Why do families consider it?

• Temporary protection needs
• Income replacement
• Mortgage protection
• Coverage while raising children
• Generally lower initial premiums

Things to Consider

• Coverage expires at the end of the term unless renewed or converted.
• Premiums may increase after the initial term period.

What is it?

Whole life insurance is permanent coverage designed to remain in force throughout the insured's lifetime, provided premiums are paid.

Some policies may accumulate cash value over time.

Why do families consider it?

• Lifetime protection
• Predictable premiums
• Potential cash value accumulation
• Estate and legacy planning

Things to Consider

• Premiums are generally higher than term insurance.
• Growth and policy features vary by carrier and policy design.

What is it?

Whole life insurance is permanent coverage designed to remain in force throughout the insured's lifetime, provided premiums are paid.

Some policies may accumulate cash value over time.

Why do families consider it?

• Lifetime protection
• Predictable premiums
• Potential cash value accumulation
• Estate and legacy planning

Things to Consider

• Premiums are generally higher than term insurance.
• Growth and policy features vary by carrier and policy design.

What is it?

Indexed Universal Life, or IUL, is a type of universal life insurance that may provide cash value growth linked in part to the performance of a market index, subject to policy terms and limitations.

The policy does not invest directly in the stock market.

Why do families consider it?

• Permanent life insurance protection
• Potential cash value growth
• Access to cash value through policy loans or withdrawals, subject to policy terms
• May provide flexibility for long-term financial planning

Things to Consider

• Returns are not guaranteed.
• Policy charges and expenses apply.
• Loans and withdrawals reduce policy values and benefits.
• Performance varies based on policy design and funding.