Life insurance is an important investment for you, your family, and/or your other loved ones and dependents. 


It can seem overwhelming when trying to decide what type of life insurance plan is the one for you and your circumstances— there are just so many out there, right? 


Well, we want to help break it down for you. 


Here are two of the major types of life insurance in the market:


Term Life Insurance 


Term life insurance provides you an affordable coverage plan for a set amount of time— usually anywhere between 10-30 years. Once the time is up, the policy expires and it is up to you whether or not to renew it.


This is a great, cost-effective plan for young families looking for a potentially large amount of coverage at a lower cost. 


This is also a well-suited plan for those who know they only need a temporary backup, calculating that their survivors will not need the extra financial protection by the time the policy expires. 


Permanent Life Insurance


Permanent life insurance provides more security than term life insurance in that the policy never expires— your family will always be protected at any time when you are ultimately no longer available to financially provide for them. This can typically be broken down into two major types:


Whole Life Insurance


This is the original life insurance policy most people are familiar with. 


This plan lasts the entirety of the insured’s lifetime. 


Upon the insured’s death, whole life insurance is paid out to the beneficiaries.


Universal Life Insurance


Universal life insurance has an element of investment savings and similarly lower premiums as term life insurance. 


This option offers more flexibility compared to whole life insurance. Policyholders may adjust both their premiums and death benefits.