Life insurance explained
Find the Coverage That Fits Your Life
Every family's situation is different. We break down each type of life insurance so you can make a confident, informed decision — with no pressure.
Term Life Insurance
Simple, affordable protection for a set period
Term life insurance provides a death benefit for a specific period — typically 10, 20, or 30 years. If you pass away during the term, your beneficiaries receive the full payout. If the term ends and you're still living, coverage simply expires (or can often be renewed).
Key features
- Lowest premiums of any life insurance type
- Coverage amounts from $100K to $5M+
- Terms of 10, 15, 20, or 30 years
- Level premiums — your rate never changes during the term
- Convertible to permanent coverage in most cases
Best for
Young families, homeowners with a mortgage, anyone who needs maximum coverage at the lowest cost
Not ideal for
Those seeking lifelong coverage or a savings/investment component
Whole Life Insurance
Permanent protection with guaranteed cash value growth
Whole life insurance covers you for your entire life — as long as premiums are paid. A portion of each premium builds cash value that grows at a guaranteed rate, tax-deferred. You can borrow against it or surrender the policy for its cash value.
Key features
- Coverage that never expires
- Guaranteed cash value growth, tax-deferred
- Fixed premiums for life
- Policy loans available against cash value
- Potential dividends from participating policies
Best for
Those wanting lifelong coverage, estate planning, or a conservative savings vehicle alongside their insurance
Not ideal for
Those on a tight budget or who primarily need large, temporary coverage
Universal Life Insurance
Flexible premiums and adjustable benefits
Universal life insurance is a form of permanent coverage with built-in flexibility. You can adjust your premium payments and death benefit as your financial situation changes. Cash value earns interest based on current market rates (or a guaranteed minimum).
Key features
- Adjust premiums up or down within policy limits
- Increase or decrease death benefit over time
- Cash value earns interest — often higher than whole life
- Permanent coverage with more flexibility than whole life
- Indexed and variable options available
Best for
Business owners, high earners, and those whose income or coverage needs fluctuate over time
Not ideal for
Those who prefer the simplicity and predictability of term or whole life
Business Life Insurance
Protect your business and the people who drive it
Business life insurance covers the financial risk of losing a key person, funds buy-sell agreements between partners, and can be used as an executive benefit. It ensures your business can survive and transition smoothly when the unexpected happens.
Key features
- Key person insurance — replace lost revenue and expertise
- Buy-sell agreement funding — smooth ownership transitions
- Executive bonus plans and deferred compensation
- Business loan protection
- Succession planning support
Best for
Business owners, partnerships, companies with key employees whose loss would impact operations
Not ideal for
Sole proprietors with no partners or key employees to protect
Side by side
Quick comparison
| Feature | Term Life | Whole Life | Universal Life |
|---|---|---|---|
| Coverage duration | Fixed term (10–30 yrs) | Lifetime | Lifetime (flexible) |
| Premium cost | Lowest | Higher | Moderate–High |
| Cash value | None | Yes — guaranteed | Yes — interest-based |
| Premium flexibility | Fixed | Fixed | Adjustable |
| Best for | Budget-conscious families | Estate planning | Variable income earners |
Common questions
Still have questions?
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