Tips on Life Insurance Options

• This type of plan may not cover the entire life of the policy holder. Term life insurance can cover periods as short as one year or as long as 30 years. If the policy holder dies during the term, beneficiaries receive the face amount of the policy.
• Standard term life insurance is the least expensive and most straightforward option among insurance products.

• This type of plan is designed to cover the policy holder over the entire course of life. The policy builds cash value and pays a death benefit as long as premium payments remain current.

• Like whole life insurance, universal life insurance is a permanent insurance policy. Unlike whole life insurance, universal life insurance does not offer the security of guaranteed lifetime protection. Policy holders interested in this option can talk with a life insurance agent and add riders that create a universal life policy that meets their particular needs.