May 23, 2008, Newsletter Issue #105: Tips on Life Insurance Options

Tip of the Week

New options and products mean it is wise to compare life insurance plans. Even among the more common types of life insurance – term, whole and universal – there is wide variation. Use the tips below to help you narrow the field and focus on the best life insurance for your family.

Tip 1. Term Life Insurance Insures Against the Possibility of Death

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. Tip 2. Whole Life Insurance Provides Life Long Insurance Coverage

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. Tip 3. Universal Life Insurance May Also Provide Lifetime Protection

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.

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