What Type Of Policy Is Right For Me? Term insurance is best suited to solve a temporary need. For example, you can use thedeath benefits to provide enough funds for a college education or to pay off themortgage on your house. Because it is death-only protection, it is less expensive and therefore, more attractive if you are relatively young.
Whole life insurance is best suited for older individuals with a permanent need. Forexample, whole life can be used to provide funds for paying estate taxes or buying a partners business interest if your partner dies before you.
Universal lifeis for those who want to maintain flexibility with regard to both premiums and death benefits. It is also well-suited for those who want to build up cash values conservatively.
Variable lifeis used by those who want to maximize their ability to use insurance as a tax-deferred investment vehicle.
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