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What Kind of Life Insurance
is Best for You?

By Susan Cormier for Insurance Advisors

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March 2017

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IA Team

If you're in the market for life insurance, there are some key things you should know.

First, life insurance is not all the same. Yes, it exists to protect your dependents in the event of your death. It provides them with money to pay for living expenses, as well as your funeral costs.

But there are two ways you can do this. One is with term insurance, which is the most affordable option and does not necessarily provide a payout. The second is with permanent insurance, such as whole life, which is more expensive because it lasts a lifetime with a guaranteed death benefit.

Term Life Insurance

Let's look at term first. This is offered for a certain period of time, such as 20 years. If you die within that time period, your beneficiaries receive the death benefit. In most cases, a payout is never made.

Term insurance is ideal for people who have young children and home mortgages. Should you have an untimely death, the payment would help your family when it is most financially vulnerable. It would replace your income to pay for necessities, such as child care, housing, food and your children's education.

For planning purposes, these policies should normally be set to expire when your kids are grown, your house is paid off and you have accumulated some savings.

These policies most often have terms of one to 30 years and the premium stays the same throughout the entire term. 

Again, term life insurance is more affordable because it's temporary and has no cash value.

Whole Life Insurance

The cost for whole life insurance is higher because the coverage lasts a lifetime with a guaranteed death benefit. It also includes an investment component. The policy's cash value grows at a guaranteed rate and its value is tax deferred.

You can borrow money against the policy. However, that can lower the value of payment - if loans aren't repaid with interest. You also can surrender the policy for its cash value, but then you will no longer have coverage.

Premiums generally remain the same throughout the life of the policy.

Whole life - or another type of permanent insurance - is worth considering if:

You have a lifelong dependent, such as a child with special needs whose care needs to be funded into the future.
You want to spend your retirement and still have some money for your family to enjoy or to use for your final expenses. 
You want your beneficiaries to have some cash to pay estate taxes.

We hope this brief explanation gets you thinking about what type of life insurance might be best for you.

To learn more, please call Insurance Advisors and set up an appointment. We now offer policies from the country's top-rated providers. Let us go over them with you. Give us a call at 720-210-9898.


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