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Finding the Right Insurance

Which kind of insurance is right for you?
The answer to that question depends on your overall family and financial situation, and we recommend talking with an insurance agent or someone you trust about financial matters before making a final decision. But here are some points to consider:

The big advantage of term insurance is that it is much cheaper than permanent insurance. You can buy lots more term insurance than permanent insurance for the same amount of money. For this reason, term insurance is the right insurance to buy if you don't have much money to spend on insurance or you only need insurance for a "specific" period of time (for example, until your kids leave home or until you pay off a mortgage).

On the other hand, if you are older or you want to find a way to save money as well as buy insurance, permanent insurance could be a good option. With permanent insurance, you build "cash value," which means that you if cancel your policy before you die, the insurance company will still you give you money back (an amount called the "surrender value"). For this reason, permanent insurance is actually a way to save money for the future as well as protect your family financially.

But keep in mind that you might be able to save more money by buying term insurance, which is a lot cheaper, and investing the money you saved by not buying permanent insurance yourself.

For a more complete description of all these kinds of insurance online, you can learn more at
or the Insurance Information Institute

How much life insurance do you need and how much does it cost?

How do "term life insurance" and "permanent life insurance" work?

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