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Life Insurance

There are many kinds of life insurance, but they generally fall into two categories: term insurance and permanent insurance.

Term insurance is designed to meet temporary needs. It provides protection for a specific period of time (the "term") and pays a benefit if you die during the term. This type of insurance often makes sense when you have a need for coverage for a specific period of time. For instance, you may decide that you only need coverage until your children graduate from college or a particular debt is paid off, such as your mortgage, or accumulate sufficient financial assets to be able to retire.

In contrast, a permanent insurance policy is usually designed to stay in force for your entire lifetime. As long as you pay the premiums, and no loans, withdrawals or surrenders are taken, the full face amount will be paid. Because it is designed to last a lifetime, permanent life insurance accumulates cash value and is priced for you to keep over a long period of time. 

The type of life insurance that is right for you depends on your unique circumstances and financial goals.

But remember, the best way to figure out the amount and type of life insurance that makes sense for your particular situation is to meet with a qualified life insurance professional.