There are many kinds of life insurance, but they generally fall into two categories: term insurance and permanent insurance.
Term insurance is designed to meet temporary needs. It provides protection for a specific period of time (the "term") and generally pays a benefit only if you die during the term. This type of insurance often makes sense when you have a need for coverage that will disappear at a specific point in time. For instance, you may decide that you only need coverage until your children graduate from college or a particular debt is paid off, such as your mortgage.
In contrast, permanent insurance provides lifelong protection. As long as you pay the premiums, and no loans, withdrawals or surrenders are taken, the full face amount will be paid. Because it is designed to last a lifetime, permanent life insurance accumulates cash value and is priced for you to keep over a long period of time.
It's impossible to say which type of life insurance is better because the kind of coverage that's right for you depends on your unique circumstances and financial goals.
But remember, the best way to figure out the amount and type of life insurance that makes sense for your particular situation is to meet with a qualified and licensed life insurance professional.
If you are earning an income and that income is important, even critical, to you, you will want to protect it with disability insurance. Properly structured, whether disabled from accident or sickness, you would receive a tax-free monthly payment. Disability insurance can, in time of need, help toward maintaining the financial lifestyle that you enjoyed prior to the illness or injury. Even if you have disability insurance through your employer, please discuss your coverage with us to make sure that it will appropriately assist you in a misfortunate event.