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- There are generally two types of life insurance. Term life insurance is temporary insurance that generally extends for up to 30 years. Cash value life insurance offers permanent, lifetime insurance coverage with a cash value savings component.
- Term life insurance offers a low-cost way to purchase life insurance. Permanent, or cash value, insurance offers you a way to buy life insurance with a permanent death benefit and a cash savings that can be used for any purpose throughout your life. This includes supplemental retirement income.
- Make sure you understand what you want your insurance policy to do for you. Temporary needs, up to 30 years, can generally be accomplished with term life insurance. Permanent needs, like supplemental retirement benefits and burial insurance, must be accomplished by purchasing cash value insurance.
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