What Type of Life Insurance to Get?

There are two basic types of term life insurance to choose from: term life insurance, and universal or cash value insurance.

Term life insurance is just what it sounds like -- life insurance for a term of time. The premium payments are applied 100% to the cost of the insurance.

As you grow older and retirement approaches, the need for life insurance will decline. Those depended on your income are able to support themselves and your retirement savings begin to approximate a lump-sum life insurance payment. At this point, term insurance can easily be dropped or switched to a Whole Life policy.

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