What Type of Life Insurance Do I Need?

Just to keep it basic, answer 2 questions- What is it for and what is your budget? Life insurance is basically in 2 categories:

1) Term Insurance- Term insurance covers you for a specific period of time- 10, 15, 20, 30 years, with a level premium. If you are simply trying to protect your mortgage or other debts, then Term is the best way to cover it, because that is a temporary need. Also, if your budget is a little tight, then Term is your best option. You can purchase more coverage for a lower premium.

2) Permanent Insurance- If you have a need for coverage that you absolutely need to be in effect, no matter how long you live, then you should consider a Permanent policy (Universal, Whole Life, or Variable Life). A Permanent policy can be one contract for the rest of your life.

-Andy Holliday

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