Individual Life
Insurance

Life insurance generally falls into two categories: term life and permanent life insurance. Your best option depends on your personal needs and goals.

What Is Term Life Insurance?

Term life insurance provides coverage for a set period, such as 10, 20, or 30 years. It pays a death benefit only if you pass away during that term. Many people choose term life to cover specific financial responsibilities, like supporting children while they’re growing up, paying off a mortgage, or covering debts.

Term life insurance often stands out because it offers straightforward, affordable protection for a limited time when you need it most. It does not build cash value, which helps keep costs lower compared to permanent policies.

What Is Permanent Life Insurance?

Permanent life insurance offers coverage for your entire life as long as premiums are paid. These policies include a cash value component that grows over time and can be accessed during your lifetime. Types of permanent life insurance include whole life and universal life.

Whole life insurance typically features fixed premiums and a guaranteed cash value growth, while universal life offers flexibility in premiums and death benefits, with cash value growth linked to interest rates. Permanent policies may suit certain long-term financial plans but generally come with higher premiums than term life.