Life Insurance

Term Insurance covers you for a term of one or more years.  It pays a death benefit only if you die in that term.  Generally it offers the largest insurance protection for your premium dollar.

Whole Life covers you for as long as you live if your premiums are paid.  You pay the same amount in premiums for as long as you live.  Premiums are higher than term insurance at first, but smaller than you would eventually pay for term insurance if you were to keep renewing a term policy.

Universal Life is a kind of flexible policy that lets you vary your premium payments.  You can also adjust the face amount of your coverage.  Increases may require proof that you qualify for the new death benefit.  The premiums you pay go into a policy account that earns interest.