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When shopping for life insurance coverage, it is important to know the differences between the available options.

Term life insurance is the most basic type of life insurance. Term life refers to coverage that you purchase at a specified price for a set period of years. There is no investment component with term life insurance. In the event of your death during the term of your coverage, your identified beneficiary will receive the pre-determined value of the term policy. Term life insurance only pays a claim upon death of the policyholder.

Whole life insurance, though similar to term life, is purchase for your entire life span-your "whole life." The premiums often remain the same each year. The company who owns the policy will invest a portion of your premiums in order to build cash value for the policy holder.

Variable life insurance coverage also allows for the building of cash value through the investment in separate accounts, such as stocks and bonds. The death benefit from a variable life insurance policy includes both the predetermined face value of the policy, as well as the cash value that has been built through investments. In other words, the payout os usually higher than that of a whole life policy.

Universal life insurance policies provide both a death benefit and a tool for savings, through tax deferred accumulation. Universal life policies combine the protection similar to that of low-cost term policies with the savings benefit similar to whole life insurance policies.


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