Deciding what life insurance policy to buy can be difficult. When there are so many choices, how do you know what insurance is right for you? There are advantages and disadvantages of having choices.

The main reason for buying life insurance is to protect your family against loss of income (the income your family would lose if you should die before saving enough money to provide for them). There are five basic types of life insurance:

Term Insurance

Term insurance is relatively cheap especially if you don't have many assets or emergency reserves, but do have financial dependents. Many term policies offer a guaranteed renewable clause which means your right to renew the policy is unrestricted. Click Here to Learn More

Whole Life Insurance

Sometimes called Straight Life Insurance, whole life gives you lifelong protection. Your premiums at the beginning are higher to help cover the costs of providing you that protection later in life when term premiums get costly. Click Here to Learn More

Universal Life

First issued in 1980, the universal life insurance policy is a combination of term insurance and a currently tax-deferred saving plan. You are guaranteed a minimum rate of return. Click Here to Learn More

Variable Life

A guaranteed minimum death benefit is stated but it may increase if the cash value of the policy goes up. The cash value of variable life is invested in your choice of stocks, bonds, money- market funds, and any combination. Click Here to Learn More

Variable Universal Life Insurance