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Life Insurance

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Different Types of Life Insurance Coverage

Finding the right life insurance policy is something we take seriously — every family's situation calls for special care. There are several core policy types available, each suited to different needs and budgets. Here's a look at the most common options.

Term life insurance provides death benefit protection for a specified period of time — usually 10, 15, 20, or 30 years. That period is the policy's "term." After the term ends, most policies allow the owner to renew annually, typically until age 95, with renewal premiums increasing over time. It's generally the most affordable way to get significant coverage for a defined stretch of life, like while raising children or paying off a mortgage.

Whole life insurance is permanent coverage that protects you for your entire life, not just a set term. It's typically offered at a fixed rate with guaranteed protection until death, along with guaranteed cash value accumulation you can borrow against. Because the coverage stays with you permanently, premiums are usually higher than term life insurance.

Guaranteed universal life insurance offers an inexpensive permanent policy with a flexible death benefit period, customizable up to age 90, 95, 100, 110, or 121. Think of it as a hybrid between term and whole life insurance: it builds minimal cash value over time, and coverage stops once the policyholder reaches the age named in the policy.

Variable life insurance has a face value that fluctuates based on the performance of the currencies, securities, or other equity products backing the policy. That market exposure makes it less predictable than other options — it can perform very well when markets are up, but rising payments can become a burden when the market is down. It's best suited for policyholders comfortable with investment risk.

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