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Facts About Life Insurance

For many folks, funeral expenses are paid for with proceeds from life insurance. Those without life insurance pass an unnecessary hardship onto their loved ones, as no government agency pays for your funeral.

Everyone should own some type of life insurance coverage, if for no other reason, to provide for final expenses.

When you're shopping for life insurance coverage, you'll encounter four basic types of products. Each comes with different benefits, features, and costs. Get a head start by comparing your choices. Then, when you're ready to take the next step, talk to a licensed insurance professional to help decide which option or combination of options will work best for you.


  Coverage Paid Death Benefit Premium Cash Value Could fit your needs if...
Term Life A set period of time such as 10, 15, 20, or 30 years. Guaranteed
fixed amount

Generally
income-tax free
Usually fixed None You're looking for coverage for a limited time, or to cover a specific obligation, like a mortgage, business loan or education expenses.
Whole Life Lifetime Guaranteed
fixed amount

Generally
income-tax free
Usually fixed Guaranteed. Policies that pay dividends may offer the potential for more. You're seeking lifetime coverage with set premiums and guaranteed cash values.
Universal Life (UL) Lifetime May provide
a guarantee

Can be increased
or decreased

Generally
income-tax free
Flexible Not guaranteed You're initerested in lifetime coverage that offers more flexibility with premiums and death benefits.
Variable Universal Life (VUL) Lifetime May provide
a guarantee

Can be increased
or decreased

Generally
income-tax free
Flexible Not guaranteed You'd like lifetime coverage with the freedom to allocate premiums and expenses (afte charges are deducted) into a choice of variable investment options.