You might be surprised to learn that there are many different policy types when it comes to life insurance. Finding the one that's right for you depends on your needs, your budget, and your future financial goals. To help you make the right choice for your family, let's take a look at some of the most common policy types. Afterward, I'll be happy to help you choose the type that's right for you and your family.
Learn the Basics
Before you dive into the types of life insurance, it’s good to start with the basics. What is life insurance? How do you know which kind is right for you? These articles will point you in the right direction.
- What Is Life Insurance?
- Which Type of Life Insurance Is Right for You?
- How to Buy Life Insurance Online in 4 Easy Steps
- Life Insurance Types and Options
- Types of Life Insurance
Term Life Insurance
Term life insurance is the most affordable type available. It provides coverage for a specified period of time, and is perfect for protecting your family when you’re on a budget.
Shared Dollar Life Insurance
With a shared dollar policy, two generations contribute to the premium payments for a permanent life insurance policy. It encourages families to work together to save, cover, and provide for multiple generations all at once.
Permanent Life Insurance
Permanent life insurance covers you for the rest of your life. It accrues cash value over time, which you can use to do anything from supplement your retirement to pay for the kids’ college tuition.
- Types of Permanent Life Insurance
- Spotlight: Permanent Life Insurance
- Retire with More: Permanent Life Insurance Makes It Happen
- Why Buy Cash Value Life Insurance?
- What Suze Orman Doesn't Tell You about Life Insurance
Indexed Universal Life (IUL)
This is a particular type of permanent life insurance that offers flexibility in terms of how much you pay and when, as well as the ability to tie your cash value to the gains in a market index.