Which Life Insurance Should I Choose?

• Term Life is purchased for a specified span of time. Some Life Insurance Policies have a ROP or Return Of Premium Rider. This means you are refunded your premiums if you outlive the term. Term Life insurance is usually the most affordable plan on the market, and is suitable for most consumers..

• Whole Life is considered permanent insurance, and will cover an individual until they die, as long as the policy is in force. Whole life insurance may also build up cash value. Whole Life insurance will be more expensive than term life because the insurance company assumes a risk for an individual's entire lifespan, and not a term.

• Universal Life is a form of permanent insurance that pays a more competitive interest rate. Some people choose to use universal life as a financial vehicle. Universal Life will cost more than term insurance, but will build up cash value.