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You may be considering the best way to plan for your family's future. Ensuring that your income is protected in case something happens to you is a good place to start. Life insurance can help with that, and there are a few different options you can choose from. You can even decide to choose a combination of products to fit your unique needs. Take a look at how these options stack up below.
You may be considering the best way to plan for your family's future. Ensuring that your income is protected in case something happens to you is a good place to start. Life insurance can help with that, and there are a few different options you can choose from. You can even decide to choose a combination of products to fit your unique needs. Take a look at how these options stack up below.
The basics
Term Life
Temporary coverage, often with options that allow you to prepare for the future.
Whole Life
Guaranteed lifetime protection and access to cash value that's guaranteed to grow.
Variable Universal Life
Long-term protection with the opportunity for cash value to grow based on market performance.
Universal Life Insurance
Long-term protection for those who aren't focused on accumulating cash value.
Length of coverage
Term Life
A set period of time, usually 10 to 20 years.
Whole Life
Lifetime protection as long as your premiums are paid.
Variable Universal Life
Long-term protection.
Universal Life Insurance
Long-term protection.
How you pay
Term Life
Pay premiums for as long as your coverage lasts. With many policies, premiums are locked in for a set period.
Whole Life
Premiums are guaranteed to never increase, and there are options for how long and how often you pay—monthly, quarterly, or yearly.
Variable Universal Life
Maintain your initial premium or adjust based on your budget or coverage needs.
Universal Life Insurance
Maintain your initial premium or adjust based on your budget or coverage needs.
Cash value and growth
Term Life
None.
Whole Life
Guaranteed cash value growth that can be accessed when needed and may increase through dividends, when paid. These benefits accrue tax deferred, allowing you to maximize your savings.
Variable Universal Life
Cash value that fluctuates based on market performance and can be accessed when you need it. These benefits accrue tax deferred, allowing you to maximize your savings.
Universal Life Insurance
In some cases, includes cash value growth that can be used for flexibility on premium payments. These benefits accrue tax deferred, allowing you to maximize your savings.
Life insurance benefit
Term Life
Death benefits can be transferred to beneficiaries tax free.
Whole Life
Death benefits can be transferred to beneficiaries tax free.
Variable Universal Life
Death benefits can be transferred to beneficiaries tax free.
Universal Life Insurance
Death benefits can be transferred to beneficiaries tax free.
The guarantees of a whole life policy are based on the claims-paying ability of the issuer.
Accessing the cash value will reduce the total cash value and total death benefit.
