Life insurance comes in many forms and not all types are a good choice for everyone.  Some things to consider when taking a close look at what type of life insurance is best for you are your age, your health and why you need it.  The younger and healthier you are at the time you apply for life insurance, the less expensive it will be.  But just because you have aged a bit, or may have some health issues, that does not mean that you can't get life insurance.

The first type of life insurance you should know about is Term Life Insurance.  Term Insurance Life is insurance that does not build up cash value and where the premium normally increases as the insured gets older.

Term life is used for things like covering the expenses of a mortgage or outstanding loans in the event of an unforeseen death.  Term life insurance is generally less expensive the younger you are when you apply, and frequently carries higher death benefits.

Whole Life Insurance is a basic type of permanent life insurance which can provide lifetime protection at a level premium. Premiums must generally be paid for as long as the policy is in force though there are other types of premium options.  Other options may be a limited pay, for example, you may only have to pay premiums for 7, 10 or 15 years.  Another option available is single premium paid up life insurance.  This method of premium payment is growing increasingly popular due to it's simple payment plan, great benefits and several levels of health acceptance.

Whole life insurance is meant for individuals who want to protect their family from unforeseen expenses in the event of their death.  Whole life policies currently are based on people living to age 100, but can vary to ages as high as 120.  Whole life also builds a cash value, and most policies have provisions that allow you to borrow against that cash value.

Universal Life Insurance is a flexible premium life insurance policy under which the policy owner may change the death benefit from time to time (with satisfactory evidence of insurability for increases) and vary the amount or timing of premium payments. Premiums (less expense charges) are credited to a policy account from which mortality charges are deducted and to which interest is credited at rates, which may change from time to time.

There are many options available and it takes a bit of research and decision making to select the plan that is best for your needs now and in the future.  It is extremely important to take everything into consideration and also to seek the help of a professional that specializes in life insurance. 

The information provided is intended for informational purposes only and does not necessarily reflect your particular situation.  This website does not nor does it intend to dispense legal, tax or financial advice.