How do I know which Life Insurance product to purchase?
Answer:
There’s no one-size-fits-all answer to buying life insurance.
Everyone’s situation is different and selecting a life insurance plan that is perfect for your neighbor may be completely wrong for you. Knowing which product to purchase involves knowing your overall financial goals and current situation as well as knowing where you stand healthwise.

Two main types of life insurance products exist: term insurance and permanent insurance . Term life insurance is taken out to provide protection for a specific term. When it expires you either renew it or let it lapse. Permanent life insurance remains with you your entire life so long as you keep paying the premiums. It also typically has a cash value attached to it that you can borrow against or receive as a lump sum if you choose to cancel the policy.

If you have a family and a hefty mortgage, you might consider purchasing term insurance for a long enough period to get you through childhood as well as the length of the mortgage. By the time the kids are grown and out of the house and the house is paid off, you will no longer need the financial protection offered by term insurance.

If you want a permanent policy and don’t want to have to worry about qualifying medically for life insurance in your later years, a whole life policy may be the better choice. Once you are insured, as long as you pay the premiums your beneficiary will receive death benefits after you die.

Now that you've decided on a Life Insurance product use our Life Insurance Calculator to calculate the amount of life insurance you need.
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