• Lasts for a set period (10, 20 or 30 years)
• Less expensive
• Simple policy: You really only need to know three things: the term, the premium and the death benefit
• Premiums might not be fixed (example: renewable term)

Often Used: While your kids are young or for mortgage protection

Types of Term Life Insurance

• Term Life Insurance for Children (TLC)
• Term Life Insurance
   

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• Last for life as long as the premiums are paid
• More expensive, but not unreasonably so
• Premiums are normally fixed
• Pays benefit no matter how long you live
• Cash value can be taken out as loans*
• Cash value grows tax deferred*

Often Used: As part of your estate plan

Types of Permanent Life Insurance

• Whole Life Insurance - Traditional Life Insurance
• Universal Life Insurance - Flexible premiums and coverage as your life changes
• Final Expense Insurance - Guaranteed acceptance to help cover your final expenses

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* Cash value loans and withdrawals reduce the death benefit of the policy and are subject to interest and taxes.