Understand your options before anyone sells you one.

Term Life

Coverage for a set number of years (often 10 to 30). If the insured passes away during the term, a death benefit is paid to the beneficiary.

• Commonly considered for income replacement
• Often used for mortgage or temporary high-coverage needs
• Typically the simplest structure to understand
• No cash value in most standard term policies

Coverage ends when the term ends unless the policy is renewed or converted, subject to policy terms.

Indexed Universal Life (IUL)

A form of permanent life insurance with a death benefit and a cash-value component. Interest crediting is linked to the performance of a market index, subject to policy mechanics.

• Permanent coverage while the policy remains in force
• Cash value grows based on index-linked crediting, caps, floors and participation rates
• Policy charges and cost of insurance reduce cash value
• Loans and withdrawals may be available, and they affect the death benefit
• Riders vary by carrier, policy and state

IUL is complex. Policy performance is not guaranteed, illustrations are not promises, and outcomes depend on charges, crediting, funding and how the policy is managed over time.

Whole Life

Permanent life insurance with level structure and guaranteed elements according to the policy contract, including a cash-value component.

• Coverage for life while premiums are paid as required
• Guaranteed elements are defined by the policy contract
• Cash value accumulates on a contractual basis
• Often discussed for estate and legacy planning

Premiums are typically higher than term for the same face amount.

Final Expense

Smaller permanent coverage generally intended to help with funeral costs, final bills and easing financial burden on family.

• Typically lower face amounts
• Often simplified application processes, which vary by carrier
• Commonly considered later in life

Living Benefits (Riders)

Riders that may allow access to a portion of the death benefit during life under qualifying conditions such as certain critical, chronic or terminal illnesses.

• Availability and definitions vary by policy, carrier and state
• Accessing benefits generally reduces the death benefit
• Qualification requirements are set by the policy contract

Not all policies include living benefits, and terms differ significantly between carriers.