Compare Life Insurance Policy Types
Term, whole, universal, indexed universal and variable life side by side: how long each lasts, how premiums work, and how cash value behaves. Details vary by carrier and policy.
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Side-by-side comparison
A general guide only. Policy features, guarantees and costs vary by carrier, product and state.
| Policy type | How long it lasts | Premiums | Cash value | Often considered for |
|---|---|---|---|---|
| Term Life | A set period (e.g. 10–30 years) | Usually level for the term | None | Income replacement, mortgage, years while children are dependent |
| Whole Life | Lifetime, if premiums are paid | Usually fixed | Guaranteed growth; some policies may pay non-guaranteed dividends | Final expenses, lifelong dependants, estate planning |
| Universal Life | Lifetime, if adequately funded | Flexible within limits | Interest credited at a rate set by the carrier | Lifelong coverage with flexible premiums |
| Indexed Universal Life | Lifetime, if adequately funded | Flexible within limits | Interest linked to a market index, subject to caps and floors | Lifelong coverage with index-linked cash value |
| Variable Life | Lifetime, if adequately funded | Fixed or flexible, by policy | Invested in sub-accounts; can rise or fall, including loss of principal | Lifelong coverage for people comfortable with investment risk |
Questions to ask about any policy
Whatever type you consider, these questions help you compare fairly.
What is guaranteed?
Which premiums, cash values and death benefits are guaranteed, and which are projections?
What does it cost over time?
Premiums now and later, policy charges, and any surrender charges.
What if I pay less?
What happens if you reduce or miss a premium, and could the policy lapse?
Can I change it later?
Conversion options, riders, and how to adjust coverage as your needs change.
Honest answers to common questions
Is variable life an investment?
Variable life is a life insurance policy that is also a registered security. Its cash value is invested in sub-accounts and can lose value. It is sold by prospectus through securities-registered representatives.
Why do you usually start with term?
For many people the need is temporary, and term gives the most coverage per premium dollar for that period. If a permanent need exists, we explain the options.
What does the needs analysis cost?
Nothing. The review and quotes are free, and there is no obligation to buy. If you choose to buy a policy through us, the carrier pays us a commission — you do not pay us a separate fee.
Is coverage available in my state?
Availability depends on where you live and on our licensing and carrier appointments. If we cannot help in your state, we will tell you directly rather than pass your details on.
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Not sure which type fits?
Start with the free needs analysis. Read the life insurance overview for the basics.
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