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Life Insurance

There’s no “one size fits all” when it comes to life insurance. With so many products on the market, how do you choose just one? Do you pick the product endorsed by your favorite talk show host, or the one with the funniest commercials?

Choosing a life insurance product is a big decision and not one to be taken lightly. Read on for some factors to consider.

Basic protection
Do you need life insurance just for death benefit protection? Market participation and cash value

If you need insurance protection for the long term and want the potential for cash value accumulation — and have a little more to spend — you may want to consider permanent life insurance. Whole, universal and variable universal life insurance also can accumulate cash value.

Coverage duration

Do you need life insurance coverage just for a specific period, like while you’re paying off your mortgage? Term life insurance offers protection for a specific period of time — all other types of insurance cover you for life, as long as the necessary premiums are paid to keep the policy in force.

Fees and charges

Ask about the fees and charges associated with a life insurance policy before you buy. Make sure you understand how they’re calculated and what they’re used for. Read more about common fees and charges.

Access to money

When you are considering the type of life insurance to buy, think about whether you plan to take money out of your policy in the future. Will you need to pay college tuition out of your policy value? Or take retirement income?

Most whole, universal and variable universal products allow you access to your money via loans or withdrawals1. Some products have restrictions on when you can take money, how much you can take and, in the case of loans, the interest rate for outstanding loans.

Flexible payments

Some universal and variable universal life products let you make flexible payments. You have to pay enough to cover your policy charges, but above that you have flexibility in how often and how much you pay.