types of life insurance coverage & policy options

When deciding between term and permanent life insurance, which includes whole, universal and variable universal coverage, consider the option that best fits your needs and budget.

* Cash value is a savings-like feature that you can withdraw or borrow against while you're alive.

If you're looking for 10 to 40 years of affordable coverage, term life insurance may be right for you. With customizable policies, you'll find protection that fits where you are in life.

Term life insurance offers:

• Coverage for a specific period of time, like until you reach retirement or your children are grown
• Flexibility to switch to longer term, permanent protection in the future based on policy provisions

If you're looking for dependable protection that lasts a lifetime, you should consider the three types of permanent life insurance: whole, universal and variable universal.

Whole life insurance offers:

• The potential to earn dividends, which can be received in cash, accumulated at interest, used to buy additional life insurance or to help reduce premium payments or pay outstanding loans
• Cash value that increases regardless of market conditions
• Fixed premium payments over time

Universal life insurance offers:

• Flexibility to adjust your plan over time⁵
• Cash value that builds with the security of downside protection
• The ability to balance cash value growth with your preferred risk tolerance

Variable universal life insurance offers:

• The ability to build cash value through market participation
• A wide range of choices in which to invest the policy's cash value
• No limits on upside investment gains or downside losses

Check out our LifeTrek tool. Just answer a few quick questions to help find the life insurance policy for you.