Learn / Understanding your optionsTerm. Whole life. Universal life.
What am I comparing?
How long it lastsWhat you payHow values work
Start with your family’s needs. Then compare the differences.
Term life
Protection for a set time.
StartsTerm ends
Coverage for the chosen term
- Payments
- Often lower initially than permanent coverage.
- Cash value
- Generally none.
- Keep in mind
- Renewal premiums may rise.
What should I ask?
How long is the term? What happens when it ends? What would renewal cost?
Whole life
Protection with policy values.
→
StartsDesigned for life*
Coverage + potential cash value
- Payments
- Premiums generally remain level.
- Cash value
- May include guaranteed values.
- Keep in mind
- Some values may be non-guaranteed.
What should I ask?
Which premiums and values are guaranteed in the contract? Which depend on future results?
Universal life
Insurance plus an investment account.
Insurance+Investment
account
Designed for lifelong coverage*
- Payments
- Funding must support insurance costs.
- Account value
- Affected by funding, costs and returns.
- Keep in mind
- Requires ongoing monitoring.
What should I ask?
How could insurance charges or investment results affect the funding needed to keep coverage in place?
*Permanent coverage continues while policy requirements are met. Diagrams explain structure, not returns or guaranteed outcomes.