How Do I Know Which Type of Life Insurance to Buy?

Unfortunately there is no one right answer that applies to everyone in need of life insurance.

The right type of life insurance policy for you will depend on a number of factors, including your age and health, the nature and amount of your household’s living expenses and more.

You'll want to consider the amount of life insurance you need and for what period of time - what are you trying to accomplish with your life insurance? Then, consider how much you can afford to spend on your policy.

It is important for you to consider your own individual circumstances and determine which type of coverage is best suited to meet your needs.

Some people may enjoy the investment element that comes with a whole life insurance policy, while others will opt for less expensive term life insurance. Whole life builds cash value inside the policy over the years you are insured, while term life is pure life insurance protection with no cash value.

Buying life insurance is a serious matter, and it is important to shop around and compare life insurance policies carefully so you find the most affordable plan from a financially secure insurance carrier.

Here's how you can compare term life insurance versus permanent life insurance coverage.