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"Cheap" Term vs. Whole Life: Find the
Life Insurance that's best for your family.

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Types of Life Insurance
While companies offer many variations of life insurance, in reality, there are only three basic types. They are Term, Whole Life, and Universal.

Term Insurance—temporary insurance for temporary needs
People often purchase term insurance because they like the price and because the understand that if they should die during the term of the policy, the beneficiary will be paid. Since most people don’t “intend” to borrow against or cash in their policies, they sometimes feel that a whole life isn't worth paying for. However, the choice is a little more complex than just having the option of a cash value loan.

Consider another option if....

Whole Life doesn't change unless you change it
Whole life insurance is insurance that covers you with premium that never changes as long as you live. The only one who can change it is you—by either requesting some sort of conversion or by allowing the policy to lapse.  

Universal Life—a blend of Term and Whole Life
Universal life is the best of Term and Whole life—wrapped up in one policy. Because the premium is interest sensitive, people often do not understand universal and are afraid to purchase it. In a nutshell, the UL gives you a savings account separate from your life insurance. Your premium goes into the savings. The savings is used to pay the cost of insurance. As long as the savings and interest stay ahead of the cost of insurance, your policy will continue to grow. If you under-fund the policy, or if the interest rate is changed due to market conditions, you may need to change your premium slightly. However, if you keep up with your annual statements, the change—if ever needed—shouldn't be more than a few dollars. Also, you can change both the face value and the premium whenever desired, although an increase in face value will require verification of your health.

Be Informed
There is such a tremendous need in America for life insurance that companies who work primarily through mail order are flooding the mail boxes almost daily with all kinds of offers for life insurance. The offers are likely to look attractive and will often imply very low rates, guaranteed coverage, and level benefits for the terms of the policy. If you receive information for life insurance through the mail, ask a licensed agent to look at it for you, or take it to someone who understand insurance terminology. Very few policies that arrive in your mail box are quite as attractive as the big print might appear.