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For many folks, funeral expenses are paid for with proceeds from life insurance. Those without life insurance pass
an unnecessary hardship onto their loved ones, as no government agency pays for your funeral.
Everyone should own some type of life insurance coverage, if for no other reason, to provide for final expenses.
When you're shopping for life insurance coverage, you'll encounter four basic types of products. Each comes with different benefits, features, and costs. Get a head start by comparing your choices. Then, when you're ready to take the next step, talk to a licensed insurance professional to help decide which option or combination of options will work best for you.
Everyone should own some type of life insurance coverage, if for no other reason, to provide for final expenses.
When you're shopping for life insurance coverage, you'll encounter four basic types of products. Each comes with different benefits, features, and costs. Get a head start by comparing your choices. Then, when you're ready to take the next step, talk to a licensed insurance professional to help decide which option or combination of options will work best for you.
| Coverage Paid | Death Benefit | Premium | Cash Value | Could fit your needs if... | |
| Term Life | A set period of time such as 10, 15, 20, or 30 years. |
Guaranteed fixed amount Generally income-tax free |
Usually fixed | None | You're looking for coverage for a limited time, or to cover a specific obligation, like a mortgage, business loan or education expenses. |
| Whole Life | Lifetime |
Guaranteed fixed amount Generally income-tax free |
Usually fixed | Guaranteed. Policies that pay dividends may offer the potential for more. | You're seeking lifetime coverage with set premiums and guaranteed cash values. |
| Universal Life (UL) | Lifetime | May provide a guarantee Can be increased or decreased Generally income-tax free |
Flexible | Not guaranteed | You're initerested in lifetime coverage that offers more flexibility with premiums and death benefits. |
| Variable Universal Life (VUL) | Lifetime | May provide a guarantee Can be increased or decreased Generally income-tax free |
Flexible | Not guaranteed | You'd like lifetime coverage with the freedom to allocate premiums and expenses (afte charges are deducted) into a choice of variable investment options. |